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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: A Bachelor’s Degree Takes 4 Years

Although traditionally students head to college for a “four-year degree,” many of them take longer to graduate. In fact, a little over 22% of bachelor’s degree-earners take more than four years to complete their program, according to the Education Data Initiative.

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: University of Florida Tuition

Myth 4: No One Transfers From Community College

Around one-third 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.

For those who have their hearts set on prestigious universities, it can often 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 60 semester units of UC-transferable credit.

And in Florida, state community college graduates with an associate degree are generally guaranteed admission to one of the 12 state universities.

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.

Students can also access unsubsidized federal student loans, regardless of income. These loans come with relatively low fixed rates, income-based repayment, and borrower protections like forbearance.

If financial aid and federal loans aren’t enough to cover your full costs, you can also explore private student loans, which are offered by banks, credit unions, and other lenders. Rates can be fixed or variable and depend on the lender and your (or your cosigner’s) credit profile. Private loans don’t offer the same protections as federal loans, but can cover up to the full cost of attendance, giving you more borrowing power than you can get with the federal government.


💡 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.

The Takeaway

College isn’t a one-size-fits-all experience. It’s a mix of opportunities, challenges, and choices that look different for everyone. Whether you take four years or six, live on campus or commute, start at a community college or head straight to a university, your path is valid. What matters most is that you use your college years to learn, grow, and set yourself up for the future in a way that works for you.

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 life like at college?

Life at college is a mix of independence, learning, and new experiences. Students manage classes, assignments, exams, while also exploring friendships, clubs, and activities. It’s often the first time many students live away from home, which can feel exciting and challenging. Balancing academics with social life teaches responsibility and time management. While routines vary, college offers opportunities for growth, self-discovery, and building future skills, making it a unique and often transformative chapter in life.

Is college fun or stressful?

College can be both fun and stressful, depending on how students handle the balance. The fun comes from making friends, joining activities, attending events, and enjoying newfound freedom. At the same time, academic demands, deadlines, and financial pressures can bring stress. Many students feel a mix daily. The key is finding balance — managing responsibilities while still finding time for relaxation, hobbies, and social life.

What is the hardest year at college?

The hardest year in college varies, but many students find junior year to be the most challenging. Junior year can be daunting with internships, heavier workloads, and sometimes research projects. That said, some find that freshman year is the toughest due to the adjustment to college life, while others find senior year to be hardest due to completing a capstone project and preparing for post-graduation. Each year has unique pressure, and the hardest one varies by individual.

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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If you’re facing a financial squeeze, you may be able to get a temporary break on repaying a student loan with student loan forbearance. The catch is you could end up owing more. That’s because interest accrues on nearly all federal student loans in forbearance and on all private student loans, if the private lender offers such a program.

Even though a payment reprieve through forbearance can bring short-term relief, it might be worth exploring alternatives, especially since the amount of time you can put your loans in forbearance will be shortened for loans issued after July 1, 2027 due to recent legislation.

Read on to learn how student loan forbearance works — and other options you may want to consider.

What Does Student Loan Forbearance Mean?

What is forbearance? It’s an approved period during which a borrower is allowed to temporarily suspend loan payments.

There are two main types of federal student loan forbearance: general and mandatory.

General Forbearance

With general forbearance, sometimes called discretionary forbearance, your loan servicer will decide whether or not to grant your request for forbearance if you are unable to afford your loan payments.

General forbearance is currently available for Direct Loans, Federal Family Education Loan (FFEL) Program loans, and Perkins Loans for up to 12 months at a time. Borrowers still experiencing hardship when the forbearance period expires can reapply and request another general forbearance.

If you borrow a loan after July 1, 2027, however, you can only use forbearance for up to nine months during any 24-month period.

Mandatory Forbearance

Your loan servicer is required to grant you forbearance if you meet certain criteria including:

•   You are serving in a medical or dental internship or residency program, and you meet certain requirements.

•   The total amount you owe each month for all federal student loans is 20% or more of your total monthly gross income, for up to three years.

•   You are serving in an AmeriCorps position for which you received a national service award.

•   You are performing a teaching service that would qualify you for teacher loan forgiveness.

•   You qualify for partial repayment of your loans under the Department of Defense Student Loan Repayment Program.

•   You are a member of the National Guard and have been activated by a governor, but you are not eligible for a military deferment.

Direct and FFEL loans qualify for mandatory forbearance for any of the above reasons. Perkins Loans also qualify if a borrower has a heavy student loan debt burden.

Mandatory forbearance is to be granted for no more than 12 months at a time, but it can be extended if you continue to meet eligibility requirements.

As mentioned, forbearance will be capped at nine months in any two-year period for loans issued after July 1, 2027.


💡 Quick Tip: Get flexible terms and competitive rates when you refinance your student loan with SoFi. Note that refinancing federal loans means losing access to federal programs. Also, you might pay more interest if you refinance with an extended term.

Private Student Loan Forbearance

What is forbearance for private student loans? Some private lenders offer this option.

If you’re having trouble making private student loans payments, contact your loan holder immediately. They might offer you interest-only payments, interest-free payments, or a change in interest rate. It’s important to get in touch with your loan provider before you miss a payment and risk your loan going into default.

Who Should Use Student Loan Forbearance?

Forbearance on federal student loans may be a good choice if you don’t qualify for deferment or an income-driven repayment plan, and your hardship is temporary.

What is student loan deferment? While both student loan deferment and forbearance offer the opportunity to press pause on your student loan payments, there’s a key difference: During deferment, you may not have to pay the interest that accrues on Direct Subsidized Loans, Federal Perkins Loans, and the subsidized portion of Direct Consolidation Loans or FFEL Consolidation Loans. For loans issued after July 1, 2027, deferment for economic hardship and unemployment will no longer be available.

With private student loans, borrowers anticipating trouble making payments would be wise to contact their loan servicer to seek a solution. Whether the lender calls it deferment or forbearance, interest typically accrues and it is the borrower’s responsibility.

Is Student Loan Forbearance Bad?

As a stopgap measure, no.

Student loan forbearance certainly beats having late payments or a loan default on your credit reports. Most federal student loans enter default when payments are 270 days past due, but federal Perkins Loans and private student loans can go into default after just one missed payment.

If you default on a student loan, the entire balance of a federal student loan (principal and interest) becomes immediately due.

If your federal student loan is in collections, and you do not enter into a repayment agreement or you renege on the agreement, the collection agency can garnish your wages — up to 15% of your disposable pay.

As if that weren’t enough of a deterrent, borrowers in default can expect to have part or all of their tax refund taken and applied automatically to federal student loan debt.

Private student loans typically go into default after 90 days. The lender may hire a collection agency or file a lawsuit. Any collection fees are stated in the loan agreement.

Recommended: Private Student Loans Guide

Pros and Cons of Student Loan Forbearance

Postponing your student loan payments has its advantages and disadvantages.

Pros

•   Forbearance can help you avoid the negative financial impact of going into default, including the risk of having your wages garnished.

•   It does not affect your credit scores because the missed payments are not reported on your credit reports.

•   It can give you a chance to catch your breath when money is tight.

Cons

•   Interest will accrue during forbearance, which means you’ll likely have a larger loan balance waiting for you when you resume repayment.

•   If you’re pursuing federal student loan forgiveness, any period of forbearance probably will not count toward your forgiveness requirements.

•   It’s a short-term solution, typically 12 months, though you can renew if you’re still struggling to pay your loans.

•   For loans issued after July 1, 2027, forbearance will be capped at nine months in any 24-month period.

Alternatives to Forbearance

Income-Driven Repayment

If you’re having trouble making student loan payments because of circumstances that may continue for an extended period, or if you’re unsure when you’ll be able to afford to resume payments, one option is an income-driven repayment plan.

Monthly payments are determined by your income and family size. After 20 or 25 years of regular, on-time payments on the Income-Based Repayment plan, any remaining loan balance may be forgiven.

Starting in the summer of 2026, borrowers will have a new option, called the Repayment Assistance Plan (RAP). On this plan, your payments are based on your adjusted gross income (AGI). RAP will forgive any remaining balance after 30 years of payments.

Student Loan Refinancing

Refinancing student loans with a private lender is another option to consider. You take out one new loan, hopefully with a lower interest rate, to pay off one or more old loans.

One of the other advantages of refinancing student loans is that you may also be able to change the length of the loan. However, you may pay more interest over the life of the loan if you refinance with an extended term.

Borrowers eligible for student loan refinancing typically have a solid financial history, including a good credit score. It’s important to note that if you refinance federal student loans with a private lender, you give up federal benefits like income-driven repayment, loan forgiveness, and federal forbearance.

Recommended: Student Loan Refinancing Calculator

The Takeaway

What is student loan forbearance? Student loan forbearance is an option to temporarily suspend loan payments when you’re struggling to make them. But in almost all cases, interest will accrue and be added to the loan. Student loan deferment, income-driven repayment, or refinancing could make more sense for you.

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

FAQ

How does student loan forbearance work?

Student loan forbearance is a temporary suspension of loan payments due to financial hardship. It allows borrowers to pause payments for a specified period, currently up to 12 months. For loans issued after July 1, 2027, forbearance will be capped at 9 months in any two-year period.

How does interest accrue during forbearance?

Interest accrues on nearly all federal student loans and all private student loans during forbearance, potentially increasing the loan balance when payments resume.

What are the alternatives to student loan forbearance?

Alternatives include income-driven repayment, which bases monthly payments on income and family size, and student loan refinancing, which may offer lower interest rates but requires giving up federal benefits.

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

SoFi Loan Products
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