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Aug

2023

Is it Possible to Take Online Classes While Working?

By Kevin Brouillard | Budgeting & Goals, Building Your Career, Going to College, Student Loans, student_loan | Comments Off

Table of Contents

Pros of Taking Online Classes
Cons of Taking Online Classes
Strategies for Taking Online Classes
Paying for Online Classes

College can be one of life’s biggest investments. And, earning a degree or certificate is an important step forward down many career paths.

Many students work to cover expenses and gain on-the-job experience while furthering their education. Balancing the competing demands of coursework and a job, however, can be a challenge. For some learners, taking online classes while working is one way to fit school into an already packed schedule.

Online classes allow you to study virtually anywhere, not just colleges or trade schools located in your area. In addition, pre-recorded classes enable you to fit your coursework into evenings, weekends, or whenever your work schedule allows.

However, the quality of online programs can vary widely. And, getting a degree online may not allow you to make as many professional and personal connections as an in-person college experience.

Read on to learn more about taking online classes while also working full-time, including the pros and cons, and strategies for juggling the demands of schooling alongside holding down a job.

Pros of Taking Online Classes

Given the time and financial investment that earning a degree can require, it can be helpful to weigh different schooling options before deciding whether to pursue an in-person education, online classes, or some hybrid of the two. Online classes can have some distinct advantages.

Here’s a look at some potential pros of working towards a degree or certificate online.

Having a Flexible Schedule

Traditionally, college and graduate school courses meet once or multiple times per week throughout a semester or summer/winter session. The length of class time varies too. For example, large lectures may only span one hour, while once-per-week seminars could run for two or three hours.

If you’re taking a full-time course load, which usually constitutes a minimum of twelve credit hours, you’ll have to coordinate these blocked-out class hours around your existing work schedule.

As a result, in-person learning (where students are expected to be in class at a set time each week) is not always feasible if you plan to work and study at the same time.

If you work full-time, online classes can come with added flexibility. After all, online courses are often facilitated through pre-recorded lectures, streaming video tutorials, self-guided activities, and reading that can be done on a student’s timeframe.

In some cases, online classes do still include a certain number of live lectures or learning activities (typically hosted via streaming video) that enrolled students are expected to attend.

In those scenarios, you might need to arrange your work schedule so you’re not on the job during the times when live online classes convene.

Naturely, most online classes still assign homework, so you’ll also need to consider when you’ll fit in independent reading, projects, and studying. However, online degree programs and classes often offer a higher level of scheduling flexibility, allowing you to “attend class” and study at times when you’re not working.

Maintaining Location Independence

There are thousands of colleges and universities across the United States, but probably only a handful near your home or place of work. While taking classes as a commuter student might be logistically possible, sticking to programs hosted by local universities can limit your choice of faculty and subject areas.

Additionally, it’s possible that local options aren’t the top-ranked in a given field — and might not even offer specific degrees or pre-professional certificates.

On the flip side, the only location required for taking online classes while working full-time is a reliable internet connection and a comfortable study space. Online classes also save time traveling to and fro a campus, giving you more time to juggle post-secondary studies alongside your regular job.

Possibly Lower Living Expenses

Tuition is only part of the equation when calculating the total cost of attending college. Some universities may require students to live on campus for one or more years, which could carry dining hall and other fees (in addition to the base cost of living in a dorm).

Students attending four-year public universities can expect room and board to run, on average, $11,520 a year, according to the Education Data Initiative. Opting for an online degree program can help bypass some of these additional expenses.

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Cons of Taking Online Classes

In addition to online learning’s merits, there are some potential cons to think through when evaluating taking online classes while working full time.

Not Every Degree or Major is Available

Colleges across the U.S. offer a wide array of majors and types of degrees. Online programs, on the other hand, tend to be more limited. So whether or not you can take online classes while working will depend, in part, on your chosen field of study.

For online bachelor’s degree programs, majors focused on business and health professions are among the most commonly available. Students interested in earning a master’s degree online in business or healthcare are in luck as well. There are also opportunities to enroll in graduate programs in education, engineering, criminal justice, and various social sciences entirely online.

Other majors and degrees, especially those that require in-person lab time or hands-on apprenticeship, such as culinary arts or chemistry, might not translate as well to an online format.

Limited Networking Opportunities

Attending college in person can provide opportunities to make friends and build relationships with professors. Building a deep social and professional network while in school can help you find internships and jobs after school ends.

Taking online classes, however, can make it more challenging to connect with professors and fellow students. That being said, it’s still possible to make a strong impression on professors and peers through course assignments, presentations (whether individual or group), and written correspondences.

If you are planning on taking online classes while also working full-time in the same field (e.g., a nurse or a teacher studying for an extra certification in those professions), this potential networking disadvantage may be less of a concern — since you can still connect with fellow professionals on the job.

Strategies for Taking Online Classes

Whether you just graduated high school or are returning to the classroom after years of working, being prepared can help you get the most from your online classes — and, ideally, help to create a healthier work-life balance. Here are some key ways to prep for working full time and going to college.

Making a Schedule and Sticking to It

The flexibility of online classes can feel liberating, but those readings, online discussions, and assignments still need to be completed. Keeping your work schedule in mind, it can be helpful to block out some non-work hours during the week or weekend just for studying and school assignments.

It may also be helpful to think about when to get school work done. If you’re not a morning person, it’s likely you won’t be cracking the textbooks at sunrise. If you find out that your present work-school schedule is hard to sustain over time, it’s perfectly okay to go back to the drawing board.

The important thing is to find a time-management system that works for the duration of the time you’re both working and studying full time.

Starting Small

Even if you feel confident and excited about returning to the classroom (virtual ones count, too), taking online classes while working full time may be a big adjustment.

Some online degree programs allow you to enroll as a part-time student, which can be a “trial-run” opportunity — allowing you to understand how demanding juggling school and studies can be (before paying full tuition).

Understanding how much time each online class will demand can help you to be realistic about how many classes you can take each semester without burning out.

Setting Goals and Rewarding Progress

Creating achievable goals at the beginning of each class or semester is one way to stay on track, grow as a student, and measure success. Attaching a reward to these periodic goals can help many learners to stay driven and engaged.

Whether you passed your first online class, completed a big group project, or got a key certification, you deserve to celebrate achieving your educational accomplishments.

💡 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.

Paying for Online Classes

For some students, the cost of online education (after subtracting dorms, dining plans, and transportation) can be an additional determining factor. The individual cost of online degrees and certificates will vary significantly from school to school — including price differences between public and private university programs.

In some cases, online-only programs may cost less for enrolled students. In others, online classes are priced similar to their in-person counterparts.

Whether you opt to work and go to college at the same time, how to pay for college is likely a big question. Making a plan for financing your education is one step in figuring out how to take online classes while working full time.

Completing the Federal Application for Federal Student Aid (FAFSA) can help you determine how much federal student aid (such as grants, scholarships, and federal loans) you are eligible to receive. You can also explore scholarship opportunities through universities, nonprofit organizations, and private foundations for additional funding.

Many students also borrow money through private loans to pay for advancing their education. These are available through banks, credit unions, and online lenders and often may come with flexible repayment plans, allowing you to find a loan that fits your budget and financial plan. (It’s worth noting that federal student loans come with baked-in benefits, like income-driven repayment or public service loan forgiveness, that are not guaranteed by private lenders).

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.

Aug

2023

Ideas for Making Money From Home

By Jamie Cattanach | Budgeting & Goals, Financial Independence, money | Comments Off

Did you know that almost 40% of Americans say they have a side hustle, according to a recent survey? And many of those are likely performed at home, from helping a local business with their social media to crafting keychains.

If you’re looking for ways to boost your income without leaving the comforts of home, you’re in the right place. Here’s a compilation of 33 great ways to make money without budging. While how much cash you bring in will vary with what exactly you do and how much time and energy you put into it, these ideas can definitely help you get going on the path to earning income at home.

33 Easy Ways to Make Extra Money from Home

Every person has their own interests and talents. Here’s a wide-ranging list of ways to make money from home.

1. Test Websites

Most websites are well-designed and easy to use because they’re tested by real users — a service they get paid to do. Platforms like UserTesting will link you up with companies who need website testers, and you’ll earn money for each test you do, typically $10/hr or more, depending on the type of test. There are also opportunities to earn more money for live interviews about your experience.

2. Test Products

Products also need testers, and testing can be done at home, too. Companies like ProductReportCard will pay for opinions on gadgets, personal care products, and more. (Plus, you might get some free stuff in the bargain.)

3. Take Surveys

Here’s another way to make money from home: If you start poking around product testing websites, you’ll notice most of them capture your opinion by using surveys — and there are plenty of other websites that pay for your surveyed opinion, too. SurveyJunkie is one popular option, as is Swagbucks. These opps won’t get you rich quick (they can pay around 25 cents to $5 each and sometimes considerably more) , but they’re a great way to earn some extra money at home.

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4. Become a Voice Actor

If you’ve got a voice for radio — or an audiobook, or a video game, or the PA announcement at your local grocery store — you may be able to earn money doing voiceover work in the comfort of your own home. (Or more accurately, the comfort of your own closet, which is probably the most noise-insulated room in the house.)

5. Do Closed Captioning

Here’s a way to make money online without selling anything: If you’re a quick typist with the ability to pay close attention to speech, you might make a great transcriptionist or captioner. Companies like Rev make it possible to get paid for captioning video content, and you get to set your own hours.

6. Become a Translator

If you are multilingual, you can put those skills to work by becoming a professional translator. Gengo is one platform where translators can find jobs, choosing the ones that fit their abilities and availability. Upwork is another option to explore.

7. Teach an Online Course

We’ve all got some valuable talents to share with the world — and chances are there’s someone out there who would pay to learn more about what you’re an expert in. Whether it’s creative writing, singing, or coding in JavaScript, get your knowledge out there and get paid for it with platforms like Udemy and Teachable.

8. Become a Tutor

Similar to starting your own course, tutors are paid to teach local students who may be studying for the SAT or just trying to improve their grades. Using video chat can expand your client base far beyond your neighborhood.

9. Offer Music Lessons

If you play an instrument or know the ins and outs of voice control, you can leverage those skills into cash money by offering music lessons — in person or online.

10. Write a Book

Okay, okay: This one is not a quick way to make money or a guaranteed one, by a long shot. But if you’ve got the chops and the dedication, you might just actually write the next great American novel. Or memoir. Or essay collection. Just know that as far as the money goes, it’s a slow burn.

11. Start a Blog

If you’re a writer who wants to hone their chops on an ongoing basis — or you’re just looking for a fun and audience-friendly topic like baking or being a mom — starting a blog can translate into earnings over time, thanks in large part to affiliate marketing. However, a successful blog could also land you speaking gigs, public appearances, and other earning opportunities.

12. Become a Freelance Writer

Another way to make money at home and translate your writing skills into cash: becoming a freelance writer, either on the side or full-time. It can be a tough industry to break into, but once you’ve established yourself, it’s totally possible to earn a living wage doing this work. Having examples of your published work is the best way to show a prospective client your writing skills. Some writers get started by writing a few pieces for a low fee (or no fee even) so that they have some published pieces to share.

13. Or a Freelance Copy Editor

Don’t want to create new content, but happy to read others’ work for errors? Language lovers might be able to earn a living as freelance copy editors. Fiverr is one place to find individual copy-editing jobs, though longer-term contract positions are also regularly listed on job boards like Indeed. It can be a wise move to brush up on the different style manuals (usually AP vs. Chicago) for copy editing so you’re ready to roll.

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14. Or a Freelance Graphic Designer

If you have design skills, you could turn your doodles into dollars by sketching logos for businesses, graphics for company websites, and more. You’ll likely need a portfolio of your work to show prospective clients.

15. Or a Freelance SEO Consultant

You can see where we’re going with this — whatever skills you have, you may be able to leverage into a freelance, at-home source of earnings. SEO in particular is a service that companies will pay mighty well for… after all, good rankings translate into more money in their pockets, too. You will likely need to be able to share success stories and metrics, whether for accounts you managed professionally in the past or your own personal account.

16. Become a Virtual Assistant

If you’re the kind of Type-A person whose Google calendar is comprehensive and color-coded, consider channeling those organizational skills into becoming a virtual assistant. Along with offering a great way to make money from home, this gig has the added bonus of a variable work day — you might be scheduling work travel or managing invoices or answering phone calls, but there’s always plenty to do! Try Fiverr, Upwork, and LinkedIn for leads.

17. Sell Your Crafts

If you already spend your downtime enjoying a craft like painting or knitting, why not consider placing your wares up for sale on a site like Etsy? Not only will your art bring smiles to other peoples’ faces, it might also be an easy way to make money from home.

18. Design a T-shirt (or Mug, or Tote Bag)

Here’s a slightly weird way to make money from home: Got a witty slogan, a riff on pop culture, or a beautiful image in mind that just has to be on a shirt somewhere? Make it happen with a website like CafePress or CustomInk, which makes it easy to create and sell your unique designs.

19. Become a YouTuber

If you’ve got something to say and are creative enough to say it with engaging video content (whether that’s dog grooming advice or cute summer outfits), YouTube can be a lucrative way to make money from home. Beware, though: this is a side-gig that can easily take a lot of time and have considerable expense in audio/video equipment.

20. Stream Your Gaming Habits on Twitch

Earning money by playing video games might sound like a fantasy, but platforms like Twitch make it possible…provided you’re actually good, or at least entertaining to watch. You’ll need to have more than 50 followers and meet other marks to become what’s known as an affiliate and start earning cash via people subscribing to watch you.

21. Get Paid to Post on Insta

Yes, you can get paid (and get free stuff) to be a brand ambassador on Instagram and other social media platforms, though you’ll likely need good personal branding and a decent following to do it. Some people spend time curating their social media content already, which means those requirements are probably within reach.

You might find this path especially enticing if you have a niche already, such as being a solo traveler on a budget or a vegan cook, for instance.

22. Sell Your Stuff

If you’re overdue for a closet clean-out, consider selling the stuff you don’t need anymore on an app like OfferUp or on Craigslist or Facebook Marketplace. You know how they say one person’s trash is another’s treasure? Well, in this case, that can earn you money. Just be on the lookout for money scams that can crop up when buying and selling online.

23. Sell Your Photos

If you know your way around a DSLR or honestly even just an iPhone, you might be able to sell your stock-photo-worthy snaps for money. Platforms like Alamy and GettyImages are two places to sell or license your pictures.

24. Rent Out Your Clothes

Yes, this is real! Turn that prom or bridesmaid dress in your closet into income by renting it out to others. Platforms like RentTheRunway and RentMyWardrobe can help. Designer clothes are most in demand.

25. Rent Out Your Camping Equipment

Or your lawnmower, or your bike: Basically anything you don’t use on the regular, you could be earning money by renting out. Check out the database at Loanables, which also makes it easy to list your own items for rent. Bonus: Sharing items is a way to reduce our overall carbon footprint.

26. Rent Out Your Driveway

There are lots (and lots) of cars on the road these days, which means people need lots of parking space. If you have extra room in your driveway, you can rent it out for pretty good money using platforms like Neighbor.

27. Do Data Entry

Are you a quick typist with great attention to detail? These days, companies who need data entry sometimes hire remote workers, which means you can populate those spreadsheets in the comfort of your own home.

28. Or Customer Service

Many people have some sort of customer service background, and, thanks to the magic of the internet, you don’t necessarily need to work in a crowded, noisy call center to put that resume to use. Many companies offer virtual customer service employees, including Amazon. You’ll definitely want to invest in a headset to take those calls with ease, though.

29. Do Medical Coding And Billing

The work might be tedious, but it pays quite well, and, although it’s counterintuitive, you don’t have to work at a hospital to do it. Many medical establishments outsource their coding and billing needs, and companies like Aviacode allow medical coders to work from home while earning both a salary and valuable benefits.

30. Start a Podcast

It might be a long shot, but many successful podcasts started as a casual, at-home conversation between friends. If your subject matter is interesting enough to draw advertisers, voila: at-home income!

31. Start An At-home Daycare

Love kids? You could get paid to care for them by offering at-home daycare services for parents who need time to work or meet other commitments. Starting a business like this may require licensing and home modifications, but you can also hire out your services as a babysitter using an app like UrbanSitter, Care.com, or Bambino.

32. Take Up Professional Pet-sitting

Getting paid to hang out with puppies sounds like a dream, but it can be your reality if you charge for pet-sitting services. Apps like Rover make it easy to get started, but you can also just advertise around your neighborhood and by word-of-mouth.

33. Start Your Own Business

Many of the options listed here might provide potential side income, but if your career is one whose services can easily be done without a physical storefront, the internet could be your key to freedom on a full-time basis. Although becoming your own boss certainly takes some up-front investment, as well as energy and time, your income potential won’t be limited by what your employer decides to pay you.

A major decision before taking the leap to self-employment is how to get benefits that may have been provided by an employer, such as health insurance and retirement benefits. Having a solid plan will make the path forward easier to navigate.

Pros and Cons of Making Money from Home

Before you embark upon one of the ideas listed above, take a closer look at the pros and cons of earning income at home.

Advantages

Among the benefits of working from home are:

• Convenience

• Save time and money on commuting

• Don’t have to buy an office wardrobe

• Can set your own hours

• Not interrupted by office distractions

• Better work-life balance

• Potentially less stress (less “office politics”).

Disadvantages

That said, there are also downsides to working from home:

• Isolation/lack of social interaction

• Lack of teamwork/anyone to brainstorm with

• May end up working longer hours

• Communication issues if you use technology to stay in touch

• May not have office equipment you need

• Possibly more complicated taxes when you work from home

• Lack of motivation.

Alternatives to Making Money From Home

Here are some options to making money from home:

• An office job (obviously)

• Freelance gigs that get you out of the house, such as dog walking or landscaping

• Earning passive income from rental properties and other pursuits.

The Takeaway

Making money from home is great, and the right banking partner can help make that cash work harder for you.

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FAQ

How can I make $1000 a week from home?

There are a variety of ways you could earn $1,000 a week while working from home, such as providing coding services or being a virtual assistant. Much will depend on your skillset and the job market. Try looking on Fiverr, Indeed, LinkedIn, and Upwork for opportunities.

How can I make $200 a day from home?

There are many ways you might be able to make $200 a day working from home, often via online freelancing. You might be a writer, editor, SEO consultant, translator, medical coder, virtual assistant, or otherwise bring in cash.

How can you make money fast but legally?

There are a variety of ways to make money quickly and legally, including gigs that can be done from home, such as selling things you no longer need or items you’ve made, or providing services like transcription online. Or you might do jobs that take you out of the house, such as driving a rideshare.

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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.

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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.

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Aug

2023

Early Action vs Early Decision

By David Wolinsky | Student Loans, student_loan | Comments Off

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.

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

Aug

2023

Should You Hire an MBA Application Consultant?

By Ashley Kilroy | Student Loans, student_loan | Comments Off

Getting into a top tier MBA program can be competitive. The top 10 programs have an average acceptance rate of less than 18%. But the elite of the elite accept even fewer applicants. The acceptance rate at Stanford Graduate School of Business, one of the most challenging schools to get into, is just 6.9%.

With such low acceptance rates, any boost to an application can be advantageous to an MBA (or “B School”) candidate. To elevate an MBA application, some candidates choose to seek the assistance of an MBA Application Consultant.

MBA Application Consultants help candidates fine-tune their application with the hopes of improving their chances of acceptance. If you’re considering applying for a top MBA school, here’s helpful information about the value an MBA Application Consultant could bring to the admission process.

What Is an MBA Application Consultant?

Since getting into an elite school can be a monumental task, some candidates may need additional support. An MBA Admissions Consultant, also known as a B School Consultant, can offer candidates an advantage in the demanding world of the MBA admissions process. These consultants tend to be highly skilled communicators and have extensive knowledge about the MBA admissions process.

MBA Application Consultants provide services including program selection, essay brainstorming, essay review, resume review, interview preparation, and more.

Candidates can choose to work with MBA Application Consultants on an hourly basis or select a package approach to navigate the entire application process.

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Benefits of Working with a MBA Consultants

There are certain circumstances where an MBA applicant may benefit from working with an application consultant. Most of the benefits surround highlighting the work that schools want to see and bringing the applicant’s personality to life.

A good MBA Admissions Consultant will go above and beyond suggesting and reviewing an application — they will help the applicant understand what they bring to the table.

In addition to helping an applicant brainstorm essay content, here are a few other ways they can add value to the application process.

Expressing Authenticity and Vulnerability in Application

When writing a strong essay, general recommendations suggest expressing authenticity through humor or vulnerability to let your personality shine through. Colleges, even business schools, often look to an applicant’s essay to get a deeper sense of who they are, what they value most, and any actions they’ve taken towards their beliefs.

While it’s unlikely you can get into an MBA program based on a stand-out essay alone, a strong piece of writing will be another valuable piece of your total application.

If writing is not your strong suit, an MBA Admission Advisor could help you overcome this hurdle and help schools see your personality.

Editing Short-Answer Essays

Currently, the MBA application trend is gearing toward more of a short essay format with restrictive word limits. For example, Columbia Business School has a 500 word limit on essays.

To help applicants meet these essay requirements, MBA Admissions Consultants can effectively edit down their writings. Many MBA candidates do not have college experience or training in advanced expository writing or editing. With this in mind, they may need the help of an admission consultant with advanced editing skills to meet the restrictive word count.

Addressing Communication Challenges

Those who haven’t taken a lot of coursework in writing, such as STEM (science, technical, engineering, or mathematics) students, may benefit from essay assistance. While STEM professionals may have higher GMAT scores, they may struggle to write a strong essay.

These challenges might be intensified for international applicants who have low English competency. Working with a consultant can help this group of candidates steer clear of any essay defects that could potentially disqualify them.

Recommended: Tips on How to Pay for MBA School

How Much Do MBA Admission Consultants Cost?

Cost is a significant consideration when deciding whether or not to hire an MBA Admission Advisor. One-on-one MBA application coaching can run around $195 per hour. For a three-school full package deal, you might pay as much as $16,000.

Although these costs can seem astronomical, you may want to consider the potential pay-off: The average starting salary for MBA graduates was $115,000 in 2022 (that’s 53% higher than the average starting salary for people who only have a bachelor’s degree).

Should You Consider Hiring an MBA Admission Consultant?

Here are several examples of groups of applicants that might benefit the most from an application consultants guidance.

• For applicants who want to apply at one of the most popular business schools, like the University of Pennsylvania’s Wharton School or the Harvard Business School, a consultant’s help may be valuable. Even if an applicant has a 3.9 GPA, a 750 GMAT score, and five years of experience working at one of the schools’ prestigious employers, such as McKinsey, competition can still be intense.

• Candidates who want to enroll at one of the top MBA programs such as Carnegie Mellon University’s Tepper School of Business or the Kelley School of Business at Indiana University, the aid of a consultant is useful.

• Candidates that have communication challenges but want to apply to a top 25 school, may need the assistance of a consultant. A consultant can help with their essay and interview performance.

For MBA candidates who only need useful resources and information to put together a concrete application for a top 50 school, a consultant might not be worth the cost. Some candidates might do just as well on their own or using an online application consulting platform (such as ApplicantLab ), which can cost considerably less.

On the other hand, candidates who want guidance, support, and help with their skills set may get value working with an MBA Admissions consultant.

Selecting the Right MBA Admissions Consultant

Before comparing different MBA Application Consultants, it’s a good idea to first develop an idea of your needs and likelihood of acceptance. Maybe you need to focus on strategy and essay writing. In this case, you might want to make those areas the top priority when searching for a consultant.

When considering consultants, it’s important to have a clear understanding of the services they offer. For example, if a professional offers to write an essay for you, you may want to steer clear, since this isn’t an offering a consultant should provide. If the consultant is a member of an association, such as the Association of International Graduate Admissions Consultants (AIGAC), it shows that the consultant must uphold a professional standard.

It can also be wise to ask friends, family, and colleagues for referrals when beginning a search. They may have some experience working with an MBA Admissions Advisor or relevant firms.

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Financing Your MBA Program

Regardless of whether you decide to work with an MBA Application Consultant or not, you may need some help paying for your business education expenses. Some business schools offer generous fellowship awards, which are similar to scholarships, since this is money that doesn’t need to be repaid. Other MBA funding options include: federal and state grants, private scholarships, federal loans, and private MBA student loans.

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

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Aug

2023

3 Benefits of Taking AP Classes in High School

By Jacqueline DeMarco | Going to College, Life & Career, Student Loans, student_loan | Comments Off

High school is often the first time you are able to make choices around your education. What language do you want to learn? What sport do you want to play? Would you rather learn to cook or take intro to psychology as your elective?

Choices can be fun, but they can also be overwhelming, especially when you’re trying to make the best choices to prepare for college.

Many students consider taking AP classes in high school, and for good reason. So let’s take a look at what AP classes are, what the benefits of taking them are, and how they can affect a student’s college experience.

What are AP Classes?

AP stands for “advanced placement” and AP classes prepare students for college, by giving them college-level work during high school. Their dedication is awarded accordingly, as they can earn college credit and placement by taking corresponding AP exams.

One of the primary motivators for enrolling in AP classes is they prepare students to take and pass AP exams. Students who earn qualifying AP scores on these exams can receive credits from most colleges and universities in the United States.

Depending on their high school’s offerings, students can enroll in one or more of the 38 AP classes that cover a variety of subject matters such as arts, languages, sciences, mathematics, and literature.

In order to enroll in an AP class, there may be prerequisite classes that you must take first. It’s recommended that even if students meet the required qualifications in order to take an AP class, that they consider carefully if they are prepared to take a college level course.

The three main benefits of taking AP classes in high school relate to saving money, becoming a more competitive college applicant, and preparing for success in college.

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Benefit #1: Saving Money on College Tuition

AP classes will take up a lot of your time in high school but can also save time, and money, down the line in college. When you receive a high score on an AP exam, the college you attend in the future may give you credit that cancels out the need to take a similar college class.

Some schools may offer advanced placement instead, which allows you to effectively test out of introductory level courses in the specific subject, but may not be counted toward credit.

Policies vary by school, but the more AP exams you pass, the more credits you may be able to earn. These credits could allow you to skip classes which could save you a semester of attending an introductory English literature or Spanish class. Add up enough of these credits and you could potentially shave off an entire semester or more of your time spent at college.

Note that the policy on AP scores will vary from school to school, and not all schools offer credit for AP classes. Some schools may require a four or five on the AP exam in order to qualify for credit, while others may accept a three.

Generally, you can use AP credits to your financial advantage in two ways. You can either graduate early, which will save money on tuition, fees, and living expenses. Or, you can take lighter course loads across a four year period and can make time to take a part-time job or could add a second major or minor.

At the very least, you may be able to avoid paying for textbooks or lab fees in classes in which you have already mastered the subject matter.

Benefit #2: Making Your College Application More Competitive

When you apply for college, you typically work hard to put your best foot forward and to prove that you will thrive once you land on campus in the fall. College admissions departments carefully comb through transcripts, test scores, and personal essays to see if students will not only be a good fit at their school, but to ensure the student has every chance of succeeding once they enroll.

This is one of the reasons AP classes can be beneficial to high school students. When a student thrives in an AP class, they are essentially thriving in a college class. Before an AP student arrives at college, they will clearly understand what will likely be expected of them, how rigorous the course work can be, and what steps they need to take to succeed academically.

Alongside proving preparation, AP students could receive a bit of a grade point average (GPA) boost if they earn good grades. Some high schools, but not all, will give more weight to AP grades than normal ones. For example, receiving a B in an AP class may provide as many points towards your GPA as if you earned an A in the non-AP version of the class.

Recommended: 5 Ways to Start Preparing for College

Benefit #3: Prepare For College Better

Taking an AP course is akin to taking an actual college course, which can help you get a taste for college. If structured properly, an AP course should give you a preview of what skills you need to succeed in a college class and what the workload might look like.

Learning to manage time properly, developing strong research and analytic skills, and covering material more quickly in an AP class can be helpful preparation for the rigors of college life.

Taking AP classes can also help you identify your interests and passions which may lead you to the right college. Having a preview of what it would be like to study French, Psychology, or Chemistry in college can help guide you during the application process towards schools that have strong programs in your chosen area of interest.

💡 Quick Tip: Federal student loans carry an origination or processing fee (1.057% for Direct Subsidized and Unsubsidized loans first disbursed from Oct. 1, 2020, through Oct. 1, 2024). The fee is subtracted from your loan amount, which is why the amount disbursed is less than the amount you borrowed. That said, some private student loan lenders don’t charge an origination fee.

College Financing Options

When it comes to paying for college, there are a lot of different options available to students, including scholarships, grants, and federal financial aid.

But figuring out what you qualify for and how to apply can be overwhelming. A great first step is to complete the Free Application for Federal Student Aid (FAFSA). This will let you know what financial aid you are eligible for. For students and parents that need extra help covering the cost of attending college, student loans are a potential option. There are two types of student loans, federal and private.

Federal loans come with a fixed interest rate. With a subsidized federal loan, you don’t pay any interest while you are in school at least half-time. With an unsubsidized federal loan, interest begins to accrue right away (though you don’t have to start making payments until six months after you graduate).

Private student loans are available through banks, credit unions, and online lenders. Interest rates can be fixed or variable and will depend on the lender. Students that have excellent credit (or have cosigners who do) tend to get the lowest rates. Just keep in mind that private student loans may not offer the same protections, like income-based repayment plans, that come with federal student loans.

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