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Student loans can help you finance your college education. However, you don’t want to take on more debt than you can comfortably pay back after you graduate. As of June 2025, student borrowers owe roughly $1.8 trillion in student loan debt, including federal and private student loans, according to the Federal Reserve.

High school can be a great time to start learning about the types of student loans available to you, how interest accrues, and what you can expect when it comes time to repay any student loans you take out. Read on to learn some of the ABCs of student loans, and how to not let them weigh down your financial future.

Student Loan Types

There are two main categories for student loans: federal and private student loans.

Federal Student Loans

Federal student loans are funded by the federal government. Interest rates are fixed (and comparatively fair) and are set by Congress. Federal student loans also come with protections like income-driven repayment and deferment or forbearance options in the case of life changes, such as sudden loss of a job or other roadblocks to repayment.

The following are the federal student loan options offered:

•   Direct Subsidized Loans These are available to eligible undergraduates with a proven financial need. The government subsidizes (meaning it pays for) the interest that accrues on these loans while the student borrower is enrolled in school at least half-time and during the loan’s grace period (more on that below), and other qualifying periods of deferment.

•   Direct Unsubsidized Loans These are available to eligible undergraduates and graduate students regardless of financial need. Student borrowers are responsible for paying all of the accrued interest on unsubsidized student loans.

•   Direct PLUS Loans These are available to eligible parents of undergraduate students and to graduate or professional students. They are not subsidized by the government. (Note: As of July 1, 2026, Federal Direct PLUS Loans for graduate students will no longer be available. Federal Direct Loans will remain, however, and are available to graduate and professional students.)

Private Student Loans

Private student loans are issued by nongovernment institutions, such as banks, credit unions, and online lenders. The requirements for applying for these types of loans may be more stringent.

Lenders will typically look at the student’s or their cosigner’s credit history, income, and other financial information. Some lenders require you to begin making payments while you are in school, while others allow you to wait until six months after you graduate. Either way, interest typically begins to accrue as soon as the funds are disbursed.

How to Apply for a Student Loan

The process for applying for student loans varies based on whether the loan is private or federal.

Applying for a Federal Student Loan

To apply for a federal student loan, you need to fill out and submit the Free Application for Federal Student Aid (FAFSA®). Even if you don’t think you’ll be approved for financial aid, it can be worth submitting the FAFSA. The application is free and you may qualify despite your circumstances. The FAFSA also gives you access to federal student loans.

Every year, the FAFSA form usually becomes available online as of October 1 for the next school year. Once you complete the FAFSA, it will be used to determine the combination of federal loans, grants, and work-study you’re eligible for. Some colleges and universities also use information from the FAFSA to determine if you qualify for school-specific financial aid.

Applying for a Private Student Loan

It’s important to take the time to do some research and find a lender with a good reputation that offers competitive rates and terms. Ideally, you want a lender that offers flexible repayment options, reasonable (or no) fees, and will provide helpful customer support if you find yourself having any issues with your student loan payments.

If you decide to apply for a private student loan, you will more than likely have to reveal personal financial details, like your credit history. Since students typically don’t have much, or any, credit history, they often need to apply with a cosigner. That’s someone who will share the responsibility with you of paying back the loan.

In many cases, that cosigner would be a parent or an adult with whom you have a close relationship. Getting a cosigner may increase your chances of getting a better interest rate, which could help you spend less in interest over the life of the loan.

Types of Student Loan Interest Rates

The interest rate on your student loans could have a lasting impact on your future finances. The interest charged is a percentage of your unpaid loan principal — that is, the amount you borrowed. Interest is paid to the lender in exchange for the opportunity to borrow money from them.

You can typically choose from between two types of interest rates: fixed-rate and variable rates.

Fixed-rate student loans: These types of loans offer an interest rate that remains the same throughout the life of the loan. This could give you peace of mind, knowing that the rate won’t change, even if the state of the economy does. Interest rates could fluctuate wildly during the course of your loan, but a fixed-rate won’t be affected. As previously mentioned, federal student loans have a fixed interest rate. Some private lenders also offer student loans with a fixed interest rate.

Variable-rate loans: These types of loans come with an interest rate that can increase or decrease based on market fluctuations. Some private lenders offer student loans with variable interest rates. These are also sometimes called floating-rate loans, because the interest rate can change during the life of the loan.

A variable-rate school loan might start with a lower rate than a fixed-rate loan but keep in mind that your interest rate — and monthly payment — could rise later on. A variable- rate loan can make sense if you plan to pay off your student loan early before rates have a chance to rise too much, expect rates to fall in the future, or you have some wiggle room in your budget in case of rising interest rates.

Student Loan Mistakes to Avoid

1. Failing to Research Your Loans

With any type of student loan, it’s key to understand what you are agreeing to. You’ll want to make sure you understand what the interest rate will be, what your monthly payment will be, when you’ll need to start repayment, and how you plan to cover that obligation.

2. Borrowing Too Many Loans

It’s nice to be approved and accepted, but too many loans (borrowing more money than you actually need) can lead to a heavy financial burden after graduation. Generally, you’ll want to use any college savings, financial aid, and federal student loans before looking to private student loans (which tend to come with higher interest rates than federal student loans). If you’ll need to take on significant debt to attend a certain school, you might consider choosing a less expensive institution.

3. Not Having a Plan

Life can be unpredictable. The one thing you could have power over is your school loan repayment plan. It’s important that you know exactly when your student loan repayment plan starts (in some cases, that could be before you graduate), and exactly what your monthly payment will be.

It can also be helpful to set up a budget that accounts for all of your college costs, including tuition, books, room and board, food expenses, and anything else related directly to your education. If you budget for it ahead of time, you can help make it easier to use your student loan money wisely.

4. Not Realizing That Interest Continues Accruing

Understanding how and when interest accrues on your student loans is critical. For many student loans, interest will accrue while you are in school and during your grace periods. (A grace period is the period of time after you graduate or drop down below half-time attendance, during which you are not required to make payments.)

With the exception of subsidized federal student loans, interest will continue to accrue even if you are not making payments on your student loan. It will then typically be capitalized. Capitalization occurs when the accrued interest is added to the principal balance of the loan (the original amount borrowed). This new value becomes the balance on which interest is calculated moving forward.

Repaying Your Student Loan

Another important factor is understanding what repayment plans are available to you based on the type of loan you borrowed.

Repaying Federal Loans

For Direct Subsidized and Unsubsidized Federal Loans, students who are enrolled in school at least half-time aren’t required to make payments on their student loans. On these loans, repayments officially begin after the loan’s grace period.

Federal loans typically have a six-month grace period after graduation, which allows you time before you have to start repaying your loans. It’s important to note that even though you may be granted a grace period, depending on the loan you have, you may still be responsible for paying the interest on the loan during the time you are not making payments.

Note that PLUS Loans require repayments as soon as the loan is disbursed (or paid out).

Borrowers who take out a new student loans on or after July 1, 2026 will have access to the following federal repayment plans:

•   Standard Repayment Plan On this plan, monthly payments are a fixed amount and the repayment term can range from 10 to 25 years depending on the loan amount. For example, loan balances under $25,000 have a 10-year repayment term (120 monthly payments), while balances between $25,000 and $49,999 have a 15-year repayment term (180 monthly payments).

•   Repayment Assistance Program (RAP) This new income-driven repayment plan will replace existing income-driven repayment plans starting in July 2026. Under RAP, monthly payments range from 1% to 10% of a borrower’s adjusted gross income over a term of up to 30 years. At that point, any remaining debt will be forgiven.

With private student loans, the repayment terms are determined by the lender. That schedule will tell you exactly when your first payment is due and how much you will owe.

Unlike federal loans, many private loans have to be paid back before you graduate, so be sure to review your agreement closely and know exactly what you are going to need to do. Contact the lender directly if you have any questions.

If Repaying Loans Becomes a Problem

Nobody plans on not paying back their student loans, but sometimes life can throw a few financial punches that you weren’t expecting. A smart strategy if this were to happen to you: Face the problem head-on.

Options for Federal Student Loans

If a borrower is struggling to make payments on their federal student loans, they may consider changing their repayment plan. Federal loans, as mentioned, offer an income-driven repayment option which ties the monthly payments to the borrower’s income. This can help make monthly payments more manageable.

In cases when even income-driven repayment is too much, borrowers may be able to apply for forbearance, which allows them to pause payments due to financial difficulties or changes in employment. Keep in mind that if you get a forbearance, you’re still responsible for the interest that accrues while you’re not making payments.

Students who take out federal student loans before July 1, 2027 also have access to loan deferment. This is similar to forbearance except that with some types of loans (including Direct Subsidized loans), you are not responsible for the interest that accrues during a deferment.

Options for Private Student Loans

Private lenders are not required to offer the same repayment plans or borrower protections (like forbearance and deferment, mentioned above) as federal student loans. Some private lenders may be willing to work with you during times of financial difficulty so that you can continue making payments. Check in directly with your lender to see what payment plans or options they may have available to you.

A Note on Student Loan Default

After a certain number of missed payments (which can vary depending on whether you have borrowed a federal or private student loan), your loan may enter default. That can have serious financial consequences, such as impacting your credit score.

Declaring bankruptcy generally won’t rid you of your federal student loan obligations. It is extremely challenging to get student loans (federal or private) discharged in bankruptcy.

What to Do if You Don’t Get Enough Federal Loans

Federal loans are just one source of funding for college. Here are some other ways to cover your education costs.

Scholarships

Scholarships do not typically have to be paid back. If you’re not sure where to begin your scholarship search, you might ask your high school guidance counselor for recommendations. An online scholarship search tool can also be helpful.

In addition, you may want to try local community and civic organizations, as well as businesses and religious groups. You can also ask about scholarships in your college’s financial aid office.

You can also try scouting scholarships based on a certain skill or talent: music, writing, sports, and even academics. Qualifying for multiple small scholarships could add up and go a long way toward helping ease your financial burden.

Grants

Grants for college work like scholarships in that you typically don’t have to pay them back. They are often offered by the federal government (and would be part of your federal aid package); in some cases, in exchange for a grant, you agree to work in a certain field for a set period of time after graduation.

Work-Study

Through the Federal Work-Study program, you can earn money to put toward school expenses by working jobs around your college’s campus. If you are approved for work-study, it will be included as a part of your financial aid award. Then, you may need to apply for jobs that are part of the program. These jobs may be on- or off-campus.

If you can’t find a work-study job to fit your schedule, there may be other part-time job opportunities available off-campus. You could inquire about part-time work at your on-campus career services office.

Private Student Loans

As mentioned, a private student loan may cover the remaining tuition costs not covered by your federal financial aid package. Qualifying for these loans typically requires a credit check, and your credit history can potentially affect your private loan interest rate. For undergraduates with little-to-no credit applying for private student loans, they may benefit from applying with a cosigner in order to qualify for a more competitive rate.

As another reminder, private loans are not required to offer the same benefits or borrower protections afforded to federal student loans. As a result, most students only consider private student loan options after all other sources of aid and funding have been carefully evaluated.

The Takeaway

When it comes to student loans, federal student loans should generally be your first choice since they often have lower interest rates and offer more borrower protections than private loans. Completing the FAFSA is the gateway to these opportunities and it’s worth submitting even if you’re unsure about qualifying for aid.

Understanding how student loan interest accrues and when you’ll have to begin making payments, along with only borrowing what you truly need, can help you avoid being weighed down by student debt.

Also don’t overlook other sources of funding such as scholarships, grants, and work study programs, which can help reduce the amount you need to borrow.

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.

FAQ

What is the $5,500 student loan?

The $5,500 student loan usually refers to the maximum annual amount first-year undergraduates can borrow through the federal student loan program. For dependent freshman, the borrowing limit is $5,500, of which no more than $3,500 can be subsidized (which means the interest is paid by the government while you’re in school). Independent students and upperclassmen may qualify for higher limits.

At what age does FAFSA stop using parents’ income?

Generally, the Free Application for Federal Student Aid (FAFSA®) relies on parental income until you are 24 years old. At that point, you are considered an independent student and your parents’ income is no longer a factor in determining your financial aid eligibility. However, students may be considered independent before age 24 if they are married, graduate students, have dependents of their own, veterans, or meet other specific criteria.

Do parents who make $120,000 still qualify for FAFSA?

Yes, families earning $120,000 can still qualify for FAFSA®, since FAFSA is an application for federal student aid and has no specific income cutoff. While families with higher incomes may not qualify for need-based grants like Pell Grants, students can still receive federal loans and possibly work-study. In addition, many colleges require FAFSA for both need- and merit-based scholarships.

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 Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

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.

SOISL-Q325-136

With the average annual cost of college now $29,910 at public schools (for in-state students) and $62,990 for private schools, figuring out how to pay for college as a low-income student can be daunting. It’s important to keep in mind, however, that students from low-income backgrounds often qualify for grants and scholarships (which you don’t have to pay back), as well as student loans.

Federal student loans are available to all college students, regardless of income, and don’t require a credit check. If you still have gaps in funding after tapping financial aid and federal loans, you may also be able to qualify for private student loans, even with a low income.

Read on to learn more about the financial aid options available to you if you qualify as a low-income student, as well as how to apply for student loans.

What Are Student Loans?

Student loans are an often-used option to help pay for college. In fact, roughly 53% of students who complete their undergraduate programs take out federal loans at some point during their college years, according to the Education Data Initiative.

Student loans can be used to pay for tuition, fees, room and board, as well as other associated costs of college like books and supplies.

Students can use either federal or private student loans to pay for college. Students who take out federal student loans borrow money from the government, through the U.S. Department of Education. Federal student loans typically offer low, fixed interest rates and other benefits, such as income-driven repayment and access to forgiveness programs.

Private student loans, by contrast, are available from banks, credit unions, and other private lenders. These lenders set their own interest rates and conditions for their student loans. To qualify for a private student loan, you need to fill out an application and disclose personal financial information, such as your income and credit score.

Since students typically don’t have well-established credit histories, many private loans require a cosigner. A cosigner is someone who agrees to pay back the loan if the primary borrower is unable to do so. Because private student loans don’t offer the same borrower protections that come with federal student loans, you generally only want to consider them after you’ve depleted all of your federal student aid options.

Can You Get Student Loans With a Low Income?

Yes, you can get student loans if you have a low income. If you can’t cover the full cost of college with scholarships and grants, student loans can help you take care of the remaining costs of college.

You can access federal student loans no matter your income level, but you do need to meet specific qualifications. You must:

•   Have a high school diploma or a recognized equivalency, such as a GED, or have completed a state-approved home-school high school education.

•   Be a U.S. citizen or an eligible noncitizen

•   Have a valid Social Security Number

•   Be enrolled or accepted for enrollment as a regular student in an eligible degree or certificate program

•   Maintain satisfactory academic progress in college

You may also be able to qualify for some private student loans if you have a low income (more on that below).

Recommended: Finding Free Money for College

Low-Income Financial Aid Options

Students and their families pay for college in a variety of ways, including savings, scholarships, grants, work-study, and student loans. Indeed, paying for college often looks like a puzzle — all the pieces come together in different ways to make everything “fit.”

Here’s a look at how to access low-income student aid options.

FAFSA

Every student (whether they’re low-income students or not) can file the Free Application for Federal Student Aid (FAFSA®). The FAFSA is the free form you can fill out to apply for financial aid for undergraduate or graduate school, and is one of the most important steps students and their families can take to pay for college.

In conjunction with the school you plan to attend, the FAFSA determines your eligibility for need-based and non-need-based financial aid. The FAFSA results determine the amounts you receive for federal grants, scholarships, work-study, and/or federal student loans. In addition to subsidized federal student loan (which are need-based) and unsubsidized federal student loans (which are not need-based), there are two other types of federal aid low-income students may qualify for based on the FAFSA:

•   Federal grants Students who demonstrate financial need may qualify for federal grants, which you generally do not need to pay back. Some examples of federal grants include the Federal Pell Grant, Federal Supplemental Educational Opportunity Grant (FSEOG), and Teacher Education Assistance for College and Higher Education (TEACH) Grant. Each grant has its own eligibility requirements. Some, like the TEACH Grant, even have requirements you must fulfill after you attend school. Look at each grant’s eligibility requirements to determine whether you qualify.

•   Work-study Colleges and universities offer part-time work-study opportunities through the Federal Work-Study program. Graduate and undergraduate students who demonstrate financial need can qualify whether they are part- or full-time students, as long as their school participates in the Federal Work-Study Program.

How Do You File the FAFSA?

Typically, the FAFSA becomes available on October 1 for the following academic year. Since some aid is distributed on a first-come, first-served basis, it’s a good idea to complete the FAFSA as soon after its release as possible. Here’s how:

Since some aid is distributed on a first-come, first-served basis, it’s a good idea to complete the FAFSA as soon after its release as possible. Here’s how:

1.    Create your Federal Student Aid ID, also called an FSA ID. You can do this in advance of getting your materials ready and filing the FAFSA.

2.    Make a list of schools you’d like to attend. You can add up to 20 schools on the FAFSA.

3.    Gather financial documents you’ll need. You’ll need information for both yourself and your parents, such as your Social Security numbers, most recent federal income tax return, current bank statements, and records of any investments you have.

4.    Complete the FAFSA. Using your FSA ID, log in to the website, read the directions, and submit your information.

5.    Review your FAFSA Submission Summary to make sure your information looks correct. The FAFSA Submission Summary, formerly known as the Student Aid Report (SAR), is a document that summarizes the information you provided when filling out the FAFSA. It includes your Student Aid Index (SAI), previously called Expected Family Contribution (EFC). Colleges and universities receive your SAI to determine your eligibility for federal and nonfederal student aid.

Federal Pell Grant

Your SAI will determine your eligibility for a Federal Pell Grant, so you have to file the FAFSA in order to qualify.

Undergraduate students who qualify for a Federal Pell Grant must show exceptional financial need. These grants are usually reserved only for undergraduate students, though some students enrolled in a post-baccalaureate teacher certification program might qualify.

How much can you receive from a Pell Grant? The amount varies, depending on your SAI, the cost of attendance of your school, whether you are a part-time or full-time student, and whether you will attend for a full academic year or not. The maximum Pell Grant award for the 2025-2026 academic year is $7,395.

Scholarships for Low-Income Students

Colleges and universities may offer need-based scholarships. The money is yours to use for education — you do not need to pay it back. The results of the FAFSA help colleges and universities determine your eligibility for need-based scholarships and scholarships for low-income students.

You can also find need-based scholarships through employers, individuals, private companies, nonprofit organizations, religious groups, and professional and/or social organizations. There are a number of online scholarship search tools that can help you find scholarships you might qualify for.

Student Loans for Low-Income Families

As mentioned above, you can tap into either federal or private student loans for low-income students. Here’s a closer look at both.

Federal Student Loans

Based on the results of the FAFSA, you may qualify for a few types of federal student loans. Subsidized federal loans are need-based, while unsubsidized federal student loans are available to all students regardless of income or financial need.

Here’s a quick overview of three main types of federal loans:

•   Direct Unsubsidized Loans can go to undergraduate, graduate, and professional students. They are not need-based, and you are responsible for paying all interest, which begins accruing as soon as the loan is dispersed.

•   Direct Subsidized Loans are for undergraduate students who demonstrate financial need. The government pays the interest on these loans while you’re in school, during any deferment, and during the six-month grace period after you graduate.

•   Direct Plus Loans are available for graduate or professional students or parents of undergraduate students and are not need-based or subsidized. Borrowers must undergo a credit check to look for adverse events, but eligibility does not depend on your credit scores. (Note: As of July 1, 2026, Federal Direct PLUS Loans for graduate students will no longer be available. Federal Direct Loans will remain, however, and are available to graduate and professional students.)

Private Student Loans

Federal student loans don’t fully cover the cost of attendance for many students, and some students may consider tapping into private student loans as well.

Private lenders set their own requirements, however, and some students may find it challenging to qualify for a private loan if they have:

•   Little to no income

•   A negative credit history

•   A bankruptcy on file

•   A low credit score

How do you get around these issues? You may need to get a job while in school to prove you have some income. You may also want to work on building your credit before you apply for a private student loan. While you may be able to qualify with low income and low credit, you may make up for it by paying more in interest.

Another way to qualify for a private student loan with a low income and/or poor (or limited) credit is to apply with a cosigner. A student loan cosigner is a creditworthy adult who signs for a loan along with you. It’s a legally binding agreement stating that they’re willing to share the responsibility of repaying the loan on time and in full. Many borrowers turn to a family member for cosigning.

Recommended: University of South Florida Cost

How to Apply for Student Loans

How to apply for student loans will differ depending on whether you are interested in federal or private student loans.

To apply for federal student loans, the first step is to fill out the FAFSA. Once you’ve filed the FAFSA, you basically sit back and wait to see what the school you’re planning to attend will offer you in federal aid, which may include a mix of grants, scholarships, work-study, and federal student loans. Your school will tell you how to accept all or a part of the loan.

Before you receive your loan funds, you will be required to complete entrance counseling, a tool to ensure you understand your obligation to repay the loan, and also sign a Master Promissory Note, agreeing to the terms of the loan.

Applying for private student loans involves directly going to a lender website or simply talking to your college or university’s financial aid office. Many institutions put together a list of what they call “preferred lenders.”

Even if your school makes it easy for you to apply for a private student loan, it’s a good idea to do your research outside of the preferred lender list to find low interest rates and compare interest rate types (fixed or variable), repayment schedules, and fees. You want to find the terms and conditions that best fit your needs.

As you are researching private student loans, you’ll want to make sure that you (or your cosigner) meets the requirements to qualify for the loan.

The Takeaway

Even if you’re a low-income student, you can access student loans. To find out what federal student loans you are eligible for, you’ll need to fill out the FAFSA. As a low-income student, you may qualify for subsidized federal student loans, which won’t accrue any interest while you’re in school and for six months after you graduate. This makes them more affordable than unsubsidized federal student loans and private student loans.

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

FAQ

What qualifies as a low-income student?

The U.S. Department of Education defines a low-income student as an individual whose family’s taxable income for the preceding year did not exceed 150% of the poverty income level established by the Census Bureau. For example, a student from a family of four living in the contiguous U.S. with a household income of $48,225 or less is considered low-income.

Do low-income students get free college?

Some low-income students are able to go to college for free through financial aid or merit scholarships. But even without a full ride, low income students can often pay for college through a combination of scholarships, grants, and federal student loans.

Does FAFSA help low-income students?

Yes, filling out the Free Application for Federal Student Aid, better known as the FAFSA®, gives low-income students access to financial aid, including grants, scholarships, work-study programs, and federal student loans.

About the author

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.

Photo credit: iStock/Souda

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 Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

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.

SOISL-Q325-145

Many colleges require an application essay in addition to your high school record, GPA, and other ways of showing your qualifications for admission. The essay is your chance to pour your personality and point of view into a narrative that could shape the next phase in your life.

No pressure, right? It’s common for high school students to feel unsure about how to write a college essay. To help make the process a little less intimidating, here’s a closer look at what the college essay is all about, plus some simple tips for writing a compelling application essay.

How Personal Statements Differ By School

The number of colleges you apply to can impact how many personal statements you’ll need to write. Before you begin the essay-writing process, you’ll want to review the personal statement requirements for each school you plan to apply to. Some colleges have the same essay requirements, while others might request statements tailored to a school-specific prompt.

When looking at essay requirements from different school, here are some things to consider:

•   How long should this college essay be?

•   What is the essay prompt or topic asking?

•   What questions are they looking to have answered?

•   What does this college or university value?

Different schools will often ask applicants to respond to the same or similar essay topic. In this case, it’s possible to submit one personal statement to multiple universities. In other instances, you might simply need to make small tweaks to an already drafted essay.

Colleges that are all part of the same university system — such as state schools, like those under the California State University umbrella — tend to share applications and essay requirements. (In practice, this means applicants won’t need to write individual essays for each school within that system.)

Essay requirements for private schools can vary. If you’re applying to schools that don’t use the common app (more on that in a minute), you may need to submit a completely custom application to each school. Some private schools (such as religiously-affiliated schools) may look for shared values to be reflected in a student’s application and essay.

Fortunately, many schools accept the Common Application in order to simplify the application process and support time-crunched students. The Common App represents more than 1,000 public and private higher education institutions across the world. Its standardized application allows students to apply to multiple schools via a single platform. Practically speaking, this might translate into writing just one college essay that multiple schools can then access. Typically, the Common App offers seven essay prompts for a statement that often may not exceed 650 words.

College Application Essay Tips

Before putting pen to paper or fingers to the keyboard, it can help to understand what admissions offices look for in a personal statement, and how to write a college essay that gives voice to who you are. Some pre-planning can also make the application process feel less confusing and the essay-writing process more fun.

What follows are some useful tips for writing a stronger college application essay.

Tip #1: Start Early

The sooner you can begin writing your college essay (or in some cases multiple essays), the more time you’ll have to polish and refine. The time it takes to write a college essay will vary greatly by the student, as well as which schools they are applying to. You may need to only write one essay that you can submit to multiple schools, or you may need to write half a dozen custom essays for your applications.

Generally, it’s a good idea to start the process at least two months before your first deadline — that should give you ample time to brainstorm, write, and edit your essays. Ideally, you’ll want to start the process over summer vacation. This will help alleviate stress during the school year and give you even more time to perfect your essays.

Starting the personal statement earlier not only gives you extra time for finetuning the wording, it also allows ample time for starting over (if need be). Starting over may sound like the last thing you’d want to do when applying to college, but it’s an option that many value — a chance to rework their personal story.

A lot of college applicants know exactly what they want to write about. But, after beginning the essay-writing process, some realize that the topic they picked just isn’t strong enough to stand on its own. Alternatively, some applicants find that starting on a given prompt actually leads them towards a topic or essay idea.

Either way, starting early helps ensure you have enough time to mull over what to write about and how exactly to say it in a clear and compelling way. It also gives you time to simply sit and brainstorm essay ideas and create a few potential personal statement outlines.

Even with clear essay prompts, you may need a little extra inspiration to jump-start the essay-writing process. You may find it helpful to search online for and read college essay examples that helped real students get into their dream schools. These real-life examples can serve as models for how to present a personal story and organize an essay that commands attention.

By starting the writing process in advance, you’ll have plenty of time to ink a few drafts, ask for feedback from family and teachers, and make any necessary tweaks — something that’s especially key when applying to schools with different essay requirements.

Recommended: Important College Application Deadlines

Tip #2: Step Away From Your Application

When writing a personal statement for college applications, it’s a good idea to consider carefully who will read the essays (and what the admission committee is looking for). Try to put yourself in the shoes of the admissions counselors. After reviewing the non-essay portion of your application, admissions officers will typically have a clear sense of your previous coursework, grades, volunteering, and extracurricular activities.

So, when deciding which essay topic to write about, it can be helpful to ask yourself: “Would they already know this about me just by reading the rest of my application?” The whole point of the personal statement is to humanize the accomplishments that get listed elsewhere in the application. Because of this, it’s often advisable to go beyond repeating the resume items mentioned in other sections of the application in the essay.

College admission counselors want to get to know the person behind those accomplishments (not to read another laundry list of achievements). The essay is your chance to share who you are and how you view the world.

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Tip #3: Identify What Type of Essay You Need to Write

Typically, college applicants will encounter three different types of essay questions:

•   the “you” prompt

•   the “why us?” topic

•   the “creative” question

The “you” style question tends to ask students to share more personal details or life experiences in the essay. Such personal narratives can help colleges and universities to learn what drives, inspires, and shapes individual applicants.

The “why us?” prompt seeks to understand why a student is choosing to apply to a specific school. The admission officer here is trying to gauge how committed each student is to their individual institution. It’s a chance to demonstrate an understanding of a school’s core values and for the applicant to specify why they want to attend that university in particular (and not another one).

The “creative” prompt usually serves to evaluate a student’s creative thinking and writing skills, all while reviewing an applicant’s knowledge base and education.

Before writing any college essay, it’s important to identify exactly which type of question you’ll be answering and how best to communicate who you are in a concise, non-cliched way.

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Tip #4: Focus on What Matters to You

To really wow admissions officers in the college essay, you might try to tap into your passions, personal experiences, and interests that go beyond high school academics. It can be helpful to step away from school accomplishments and bring up topics such as a life experience that left a lasting impression, a cause you care deeply about, or a personal relationship that shaped you.

It can be important to reflect — not just recount or summarize — during the essay writing process. In order to stand out amongst thousands of other talented applicants, you may want to go beyond a factual retelling of your experiences to craft a thoughtful assessment of why a given topic matters to you as an individual.

Know that admissions committees sometimes caution against writing about the 5 D’s (namely, death, drugs, disease, divorce, and drama) since those topics tend to be overused.

Tip #5: Find a Trusted Reviewer

As part of your college planning, you don’t necessarily have to shell out big bucks on a private tutor or writing coach to review your college essays (although there’s nothing wrong seeking one out ). Before submitting an essay, you may want to invite a trusted teacher, family member, or friend to read the essay over and offer comments or questions. When asking for detailed feedback, here are some helpful questions to ask a reviewer to keep in mind:

1. Are there any spelling or grammar mistakes I need to change?

2. Is the organization of my essay easy to follow?

3. Did you have any questions while reading that my essay didn’t answer?

4. Did the content capture your attention or was it difficult to finish the entire essay? Why?

5. Where is there room for improvement?

6. Is any section confusing or unclear?

Having a handful of trusted eyes review your essay can help you draft a more impactful personal statement. However, you may want to avoid inviting too many editors to comment on an essay that’s still being drafted. Writing is somewhat subjective. So, receiving a lot of competing opinions might leave you feeling flustered or confused about what to change.

You Got In. Now What?

Congratulations! All that hard work and planning paid off. Your college essay really knocked the socks off the admissions officers. Once you’ve received all of your college acceptance offers, you’ll be able to decide which college is the best option for your future plans. It’s likely how much it will cost to attend college might play a factor in your ultimate decision.

Colleges and universities offer different financial aid packages, which will impact your cost of attendance. Financial aid may include grants, scholarships, work-study, and federal student loans (which may be subsidized or unsubsidized). Your financial aid package is based on the information you provided in the Free Application for Federal Student Aid (FAFSA).

If there are still gaps in funding, you also have the option of seeking a private student loan. These are available through private lenders, such as banks, credit unions, and online lenders. Rates and terms vary, depending on the lender. Generally, borrowers (or cosigners) who have strong credit qualify for the lowest rates.

Keep in mind, though, that private loans may not offer the borrower protections — like income-based repayment and Public Service Loan Forgiveness — that automatically come with federal student loans.

The Takeaway

If you’re hoping to attend an Ivy League college, you’ll want to consider each school’s admission rate, along with its particular academic program and financial aid statistics, to determine which is the right school to apply to.

However, it can be helpful to apply to a range of schools, both in terms of admission standards and tuition costs. This will give you options in case a school’s financial aid package isn’t as generous as you hoped.

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.

FAQ

How to start a college essay?

When you are starting a college essay, it can be wise to come up with a “hook,” a captivating line that grabs attention and draws the reader in, versus simply a straightforward statement about what you are about to share.

How long are college essays?

The length of college essays can vary by school, but the Common App typically caps the length at 650 words.

What are the 5 D’s of college essays?

The so-called 5 D’s of college essays refers to topics that admissions officers may advise students to avoid in their personal essays. They are death, divorce, disease, drugs, and drama. These topics can be overused in college essays and therefore it can be wise to focus on something else.

About the author

Jacqueline DeMarco

Jacqueline DeMarco is a freelance writer who specializes in financial topics. Her first job out of college was in the financial industry, and it was there she gained a passion for helping others understand tricky financial topics. Read full bio.

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Taking college classes at night can be a convenient option for students, especially those who are balancing work and school. However, doing your coursework in the evenings can be a big adjustment, especially if you’re used to taking classes during the day. Staying focused after a long day of work and excelling at learning at night can be challenging.

Whether you’re gearing up for a degree’s worth of night school or a one-off evening class, take a look at these tips to survive night classes.

What Are Night Classes?

Generally speaking, night classes take place between 5pm and 10pm. College night classes typically follow the traditional semester schedule, though there may be shorter timelines for special-interest topics or certificate programs.

Because night classes are geared toward nontraditional students with family and work obligations, they typically occur once a week for two to four hours, but it depends on the course credits and subject matter.

Although this condensed format may mean fewer trips to campus, it can also make for much longer days. Students may want to keep the following issues in mind.

Controlling Caffeine Cravings

When feeling tired, it may be a natural inclination to grab a cup of coffee or other caffeinated beverage to get a boost of energy and keep going. While this may help a student get through a night class or hammer out an assignment at the last minute, it can disrupt sleeping patterns, creating further fatigue the next day and inhibiting your ability to study in college.

Caffeine can last up to 12 hours in the system after consumption. Even for night owls, a coffee (or energy drink) after lunch could keep them awake well beyond when you want to go to bed.

If cold turkey seems like too drastic a change, you might want to try experimenting with less-caffeinated beverages, such as some types of coffee substitutes such as tea. Everyone is different, and the goal is finding the sweet spot between staying awake and engaged during night classes and not losing precious sleep later on.

Staying Nourished and Hydrated

Staying focused during night classes can take practice and preparation. Packing healthy snacks and water is one way to maintain energy and feel comfortable as class discussions and lectures progress into the later evening hours.

If a professor doesn’t permit eating in the classroom, a student can likely squeeze in a quick bite beforehand or during break time.

Remaining Active

Between work, studying, class time, and other obligations, exercising may seem like a luxury that there isn’t enough time for. This can feel especially true on days when a full day at work is followed by a three-hour night class.

The Department of Health and Human Services recommends that adults complete at least 150 minutes of moderate-intensity exercise a week. Broken down over the whole week, that’s about 20 minutes of exercise a day.

If you’re really in a pinch, fitting in a brisk walk before night classes start or during the midway break in a three-hour seminar can help with your energy and work toward meeting the 150-minute goal.

Befriending Classmates

Night classes can draw a diverse student body. For discussion-oriented classes, this can enrich the conversation with more perspectives.

It is also an opportunity to network and find a study buddy or two. Because night classes usually meet only once a week for a 15-week semester, even one absence could lead to falling behind or missing out on critical information. Classmates can be a resource for sharing notes and staying in the loop on what happened in class.

Also, becoming friends with classmates could make lengthy night classes more fun and add motivation to keep up strong attendance.

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Creating a More Flexible Work Schedule

Even full-time students can expect to have at least one or two nights free from scheduled classes. If you have a flexible work schedule, you’re already in a position to craft an ideal balance of work, school, and social life.

However, if you’re working some version of the standard 9-5 schedule five days a week, the days with back-to-back work and class can feel like a marathon. Getting an education takes work, but you may not get the most out of it if it becomes something you dread.

Redistributing work hours to accommodate your night class schedule might prevent burnout. For instance, being able to come in an hour later on mornings after night classes and make them up later in the week can spread out the workload and help in catching up on sleep.

Talking to supervisors may feel intimidating, but if your college night classes are providing skills and knowledge to perform better at your job, you can make a case for getting some wiggle room at work while you finish school.

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Avoiding Procrastination

As school traditionally runs from morning to early afternoon, conventional wisdom dictates completing homework and assignments the night before, at the latest. With night classes, the window to procrastinate can be extended later in the day.

Planning can help a student avoid a situation that requires picking between going to work or completing an assignment for class. Mapping out assignment due dates at the onset of the semester is one method to stay on track.

Managing Time

Between exams and papers, college classes often have a steady stream of readings and assignments to keep up with from week to week. Setting aside specific time frames to study for each class may counteract an urge to slack off between major assignments. Repetition can also improve knowledge retention, compared with cramming at the last minute.

After taking care of other responsibilities, such as an internship, job, or team practice, it may be difficult to recall readings and information at the end of a long day. Finding a moment before night class to review your notes could better prepare you to participate in discussion or ace a quiz. Creating a brief study guide covering key themes and topics for each week could help if you’re pressed for time.

Pacing Yourself

Before going full steam ahead with a full course load, you can consider testing the waters with one or two night classes. Education is a financial and career investment, and figuring out what’s right for your work-life balance could be the difference between burning out and graduating.

Keep in mind that whether you study full time or part time could affect financial aid or scholarships.

Exploring Night Class Options

Night classes are offered at community colleges and four-year universities alike. Researching multiple options could help a student find an ideal balance of cost, reputation, student body demographics, and campus environment.

Online courses are another option to consider. Synchronous courses may still have online lectures and discussions but allow students to participate from the comfort of home.

Paying for Night Classes

Education comes at a cost. Beyond tuition, taking night classes may require buying textbooks, paying for a parking pass, and other associated fees.

Work-study programs, scholarships, and grants could cover all or part of these qualifying expenses, but some students take out loans to pay the remaining cost for their degree or night classes.

Filling out the FAFSA form can be an important first step to see what kind of federal aid you may qualify for.

Federal loans may be subsidized or unsubsidized and come with protections, such as income-driven repayment and forbearance in certain cases.

When federal loans and other aid aren’t enough, private student loans are an option to consider. These loans are available through private lenders, including banks, credit unions, and online lenders. Rates and terms vary, depending on the lender. Generally, borrowers (or cosigners) who have strong credit qualify for the lowest rates.

The Takeaway

Taking night classes can be a way for students to manage their college courses, especially if they work during the day. However, taking these classes, which typically meet once a week for two to four hours, can cut into free time and be challenging to stay alert for. Good time management and self-care habits can be critical to success. If you are feeling overloaded by night classes plus a job you have taken to help pay for school, you might consider student loans to help with funding.

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.

FAQ

How to succeed at night classes?

When taking night classes, it can be helpful to focus on time management, preparation, and self-care. Also, remembering that taking night classes is a temporary situation can ease the stress some students experience.

When are night classes scheduled?

Night classes are typically scheduled between 5pm and 10pm. They may meet once or more per week.

How long is a night class?

The length of a night class can depend on how many times it meets and for how long. Typically, however, a student can expect a night class to last between two and four hours if it meets once a week.

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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.

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. With a quasi endowment, the university (rather than a donor) decides to retain, invest, and use earnings for a specific purpose.

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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.

If a donor wants control over how their donation will be used, 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 Springfield, for instance, you can create an “endowed” scholarship for $25,000. You can even name the scholarship fund, perhaps in honor of a family member or someone you admire.

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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 has the largest endowment at around $50.7 billion. Yale University comes in a distant second with roughly $40.7 billion, and Stanford University comes in third with approximately $36.5 billion.

Princeton University comes in at number four with $33.4 billion and Massachusetts Institute of Technology rounds out the top five with $23.5 billion.

University of Pennsylvania, Texas A&M University, University of Michigan–Ann Arbor, University of Notre Dame, and Columbia University make up the remaining top 10 with endowments ranging from around $13.6 to $21 billion.

However, these schools can be considered major outliers on the endowment scale. According to a 2024 survey of 658 U.S. colleges by the National Association of College and University Business Officers, the majority of university endowments are $250 million or less; nearly a third of schools reported endowments of less than $100 million.

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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 old ones, offering students fellowships or scholarships, and distributing financial aid.

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

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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.

The Takeaway

University endowments are donated funds that schools invest to support long-term goals like scholarships, faculty hiring, research, and campus improvements. They come in different types, each with rules on how the money can be used, and are often managed by professional investors or dedicated staff. While the largest endowments belong to a handful of wealthy universities, even smaller ones can enhance student opportunities, from upgraded facilities and academic programs to more general financial aid packages.

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.

FAQ

How do universities use endowments?

Universities use endowments as long-term investment funds to support their mission. The principal (original donation) is typically preserved, while investment earnings are spent on specific purposes, such as scholarships, faculty salaries, research, campus maintenance, and academic programs. Many endowments are restricted by donor intent, meaning funds must be used for designated projects.

Why does Harvard have a $50 billion endowment?

Harvard’s endowment has grown to over $50 billion due to centuries of donations, strong investment returns, and careful financial management. Alumni and philanthropists contribute large gifts, often earmarked for specific purposes, while Harvard’s investment team diversifies across stocks, bonds, private equity, and real estate. Over time, compounding returns significantly increase the fund’s value.

How is an endowment paid out?

Colleges and universities generally distribute a fixed percentage — often 4% to 5% — of their endowment’s value each year. This payout policy helps ensure consistent funding without depleting the principal investment. The distributed funds are typically used for donor-designated purposes, such as student aid, faculty support, or program funding.

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SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.

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