GenMed Archives

Apr

2026

Guide to Paying for Certified Registered Nurse Anesthetist (CRNA) School

By Melissa Brock | Going to College, Student Loans, student_loan | Comments Off

Certified registered nurse anesthetists (CRNAs) are registered nurses (RNs) with graduate-level education who provide anesthetics to patients in surgical and other procedures.

Currently, nurse anesthetists must have an RN license and a master’s degree from a nurse anesthesia educational program accredited by the Council on Accreditation of Nurse Anesthesia Educational Programs (COA) or a Master of Science in Nursing (MSN). Nurse anesthesia programs typically range in length 36 to 51 months. Starting in 2025, all CRNAs must have a Doctor in Nurse Anesthesia Practice (DNAP) or a Doctor of Nursing Practice (DNP), according to the COA. It typically takes two years for a student with an MSN to earn a doctorate.

Continue reading for six tips that can help you learn how to pay for CRNA school.

Table of Contents

How Much Does CRNA School Cost?
6 Tips to Help You Pay for CRNA School
How Much Can CRNAs Expect to Make?
FAQ

Key Points

• The demand for advanced education for CRNAs has increased. Starting in 2025, CRNAs must earn a DNAP or DNP. This did not affect CRNAs who were already active.

• CRNA school costs vary significantly, with tuition and fees ranging from around $60,000 to over $100,000 depending on the institution.

• Funding options for CRNA school include grants, scholarships, federal student loans, and private loans, with potential employer sponsorship for tuition reimbursement.

• Financial strategies for managing CRNA school expenses include choosing less expensive schools, saving money in advance, and utilizing federal financial aid through the Free Application for Federal Student Aid (FAFSA®).

• Additional funding sources, such as grants and scholarships specifically for nurse anesthesia students, are available through professional associations such as the American Association of Nurse Anesthetists (AANA).

How Much Does CRNA School Cost?

You may have already spent a few years paying for nursing school to get your RN degree, but how much does it cost to further your education to become a nurse anesthetist?

The total cost of CRNA school (including tuition, clinical fees, and other expenses) can vary widely, depending on whether you choose to attend an out-of-state institution, a private college, or an in-state university.

For example, the 2026-2027 tuition and fees at Loma Linda University in Loma Linda, California, are an estimated $170,243. In contrast, if you are already an RN with an MSN, the tuition and fees are approximately $45,030 at Arkansas State University. There are additional costs associated with a CRNA degree, such as books, supplies, licensing, insurance, and exam fees.

Note that the average nursing school cost can vary widely, ranging from $10,000 for an associate degree to over $200,000 for an advanced degree.

Recommended: Important FAFSA Deadlines to Know

6 Tips to Help You Pay for CRNA School

Let’s look at nine tips you can use to pay for CRNA school, from choosing a less expensive school to answering the question, “Will financial aid pay for CRNA school?”

1. Choose a Less Expensive School

You can save money by choosing a less expensive school or by having residency in the state where you want to attend school. For example, the total cost of attending Georgetown University’s DNAP program for the first year is $150,426, $92,561 for the second year, and $78,784 for the third year, regardless of residency.

The cost to attend the University of Iowa is $85,690 if you’re an in-state resident or $163,805 if you’re an out-of-state resident.

It’s important to compare and contrast the costs of several programs before you decide which school will both meet your needs and help you save money.

2. Save Money

You may also want to consider saving money for college to reduce the amount of money you’ll have to borrow for CRNA education. Knowing the costs of the schools on your shortlist can help you set aside a certain amount of money. However, remember that you may receive scholarships and grants that you don’t have to pay back. You might not need to save for the full cost of a nurse anesthetist program. One way to understand your exact costs is to meet with the financial aid offices of the schools you’re considering. They can give you an idea of the type of institutional financial aid you could qualify for.

There are a wide variety of ways to save, including through a general savings account, certificate of deposit, or a 529 plan — a state tax-advantaged plan that will allow you to withdraw funds tax-free to cover nearly any type of college expense. 529 plans may also have additional state or federal tax benefits.

3. FAFSA and Financial Aid

The FAFSA is a form you can complete to determine your eligibility for student financial aid, which can include scholarships, grants and federal student loans.

College grants are “free money” that you typically don’t have to pay back. The AANA offers members grants to develop health care policy, anesthesia science, education, clinical practice, and leadership opportunities. With the proper documentation, the Foundation will reimburse up to 15% of indirect costs. The best way to learn more is to ask questions through the financial aid offices of the schools you’re considering.

Like grants, you do not have to pay back scholarships and other aid awards. The AANA also offers scholarships. Students who are AANA members and currently enrolled in an accredited nurse anesthesia program may be eligible for scholarships as long as they are in good standing in their program, meet the application requirements, and apply online. In addition, the university you plan to attend may also offer merit-based scholarships. Contact your school’s financial aid office to see what they offer and how to apply.

Similar to student loans for undergrads, you can get student loans for graduate school, which must be repaid. As a graduate student, you may be eligible for federal Direct Unsubsidized loans that come from the U.S. Education Department. The benefits of federal loans include a six-month grace period before repayment and flexible repayment plans if you’re eligible for Public Service Loan Forgiveness. This means that if you make 120 monthly payments under such a repayment plan, you might get your loans forgiven as long as you work full-time for a qualifying employer.

Note that Direct PLUS loans, also called Graduate PLUS loans, will no longer be available to grad students beginning July 1, 2026.

Learn more about the FAFSA with SoFi’s comprehensive FAFSA guide.

4. Work More

If you’re already working as a nurse, you may want to pick up more hours before you start your CRNA degree. Nurse anesthesia programs are labor-intensive, so most students find it difficult to work while attending CRNA school. However, you can save up as much as possible before starting school.

If you must work during your degree, you may want to limit your hours.

5. Get an Employer to Pay for Your Education

Will a hospital pay you to go to CRNA school? Hospitals and groups often offer tuition reimbursement to offset loan debt. However, you may have to sign a tuition reimbursement payback agreement, which means you may have to pay back your reimbursement if you leave the company within a specific period of time.

Ask your human resources office and read the fine print if your hospital has an agreement requiring you to repay tuition if you are laid off or fired.

6. Private Student Loans

Private student loans originate with a bank, credit union, or online lender, unlike government-offered federal student loans. Private student loans can fill in the gaps between tuition and your savings, grants, scholarships, and federal student loans.

It’s a good idea to explore the interest rates, fees, repayment terms, discharge, and repayment options among private student loan lenders.

The application process involves submitting your personal information, the school you plan to attend, your graduation date, and the loan amount you need. You must also agree to the lender’s terms and conditions.

It’s important to note that private student loans don’t offer the same borrower protections, such as income-driven repayment plans, as federal student loans, so they are typically considered an option only after you have thoroughly reviewed all other financing opportunities.

Recommended: Guide to Nursing Student Loans

How Much Can CRNAs Expect to Make?

Nurse anesthetists can expect to earn an average salary of $231,700, or $111.39 per hour. The job outlook for CRNAs will grow about 35% from 2022 to 2034 according to the Bureau of Labor Statistics.

The Takeaway

There are many ways to make your dreams of becoming a CRNA a reality. Everyone should file the FAFSA to qualify for federal loans, grants, and other types of funds. The AANA also offers scholarships that you may qualify for. Don’t forget to check with your employer and local businesses for other funds.

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.

FAQ

Can you get paid for going to CRNA school?

You typically cannot get paid to attend Certified Registered Nurse Anesthetist (CRNA) school, but universities often offer a wide variety of merit-based and need-based financial aid options. You may need to file the Free Application for Federal Student Aid (FAFSA) to qualify for certain types of aid. Check with the financial aid offices at the universities you’re considering for more information about your financial aid options.

How much does CRNA school cost?

The cost of Certified Registered Nurse Anesthetist (CRNA) school depends on a wide range of factors, including whether you plan to attend an in-state or out-of-state institution or a private or public school. For example, the three-year program at Georgetown University, a private institution, costs $321,771. On the other hand, the three-year program at the University of Iowa for an in-state resident costs $85,690 or $163,805 for an out-of-state resident.

How much do CRNAs typically make?

As a nurse anesthetist, you can expect to make a median salary of $231,700 per year. That’s the equivalent of $111.39 per hour.

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/FatCamera

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SOISL-Q126-055

Apr

2026

A light blue background with colored pills and a brown bottle containing rolled $100 bills on top.

Paying for Pharmacy School Need to Knows

By Melissa Brock | Going to College, Student Loans, student_loan | Comments Off

A Doctor of Pharmacy degree is a 4-year, licensed professional degree that teaches students how to fill prescription medications and educate patients about using prescriptions safely. Pharmacy school can be expensive, adding up to nearly $200,000.

With that price tag, it’s not a surprise that pharmacy students may have to rely on a few different sources of financing to pay for school, sometimes using a combination of savings, grants, scholarships, and federal and private student loans. This article will review pharmacy school costs, the amount pharmacists can make, and nine tips for paying for pharmacy school.

Table of Contents

Key Points
How Much Does Pharmacy School Typically Cost?
Is Pharmacy School Worth It?
How Much Can Pharmacists Make?
9 Tips for Paying for Pharmacy School
1. Scholarships
2. Grants
3. Federal Student Loans
4. Private Student Loans
5. PSLF Programs
6. Pharmacy Internships
7. Work Part Time
8. Borrow From Family
9. HRSA Loans
FAQ

Key Points

• Pharmacy school can be worth it, with pharmacists earning a median salary of $137,480 and enjoying strong career stability.

• Pharmacy school can cost up to $200,000, depending on the program.

• Students can usually rely on a combination of funding sources to pay for school.

• Scholarships and grants are ideal since they don’t need to be repaid.

• Loans, work, and repayment or forgiveness programs can help cover remaining costs.

How Much Does Pharmacy School Typically Cost?

The cost of pharmacy school can vary depending on where you enroll, the location of the institution, and the extent to which public dollars support the university you plan to attend. As mentioned, the complete cost of pharmacy school can add up to nearly $200,000, and this can swing higher for students who opt for an out-of-state institution. The American Association of Colleges of Pharmacy (AACP) lists the tuition and fees for pharmacy school for the 2025-2026 academic year, which can help you compare costs across the pharmacy schools you may be considering.

For example, the first school on the list, Auburn University, costs $11,340 per year for in-state pharmacy students and $34,020 per year for out-of-state students. Mandatory fees cost $14,566 for 33 credit hours for students in their first year. However, in the fourth year, mandatory fees cost $13,316 for 46 credit hours.

It’s worthwhile to compare the costs of various institutions before you make a decision. However, remember that financial aid can potentially bring the costs down further, so don’t rely completely on the published tuition prices. A conversation with the financial aid office at each school may give you a more in-depth analysis of how much it will actually cost, taking your personal situation into account.

Is Pharmacy School Worth It?

For the right individual, pharmacy school can be worth it. The costs of pharmacy school may seem daunting, but the professional perks, ability to become a part of a health care team, job opportunities, and career stability mean that pharmacy school can be the right option for many individuals. The high salary of pharmacists may also make pharmacy school worth it.

How Much Can Pharmacists Make?

The 2024 median pay for pharmacists was $137,480 per year, or $66.10 per hour, according to the Bureau of Labor Statistics. The job outlook for 2024-2034 will increase 5% in total, which is faster than average.

9 Tips for Paying for Pharmacy School

Think of paying for pharmacy school as dividing up a pie, as there are many ways to do this. For example, various pieces of the pie might be made up of scholarships, grants, loans, and money out of your own pocket. No matter how you slice the pie, every dollar you contribute is an investment into your career and your future. We’ll discuss scholarships, including university, pharmacy, and private scholarships as well as grants in the next section.

1. Scholarships

Scholarships are funds that you don’t have to pay back. You can get scholarships as a pharmacy student from a number of different sources, including the university that you plan to attend as well as through designated pharmacy and private scholarships.

It’s also worth considering your other interests beyond pharmacy. Scholarships may be awarded based on heritage, location, or even hobbies or special skills. Take some time to review if you have talents in other areas that may qualify you for additional scholarships.

University Scholarships

Pharmacy colleges and schools traditionally offer direct financial assistance to pharmacy students through various sources, including alumni associations and local chapters of pharmaceutical organizations and fraternities. Consider setting up a meeting with the financial aid office at the university you plan to attend to learn more about specific scholarships available for the pharmacy program.

Pharmacy Scholarships

Local and state pharmaceutical associations, practicing pharmacists, drug manufacturers, and wholesalers may also offer pharmacy scholarships to promising pharmacists. For example, seven pharmacy students annually can receive a $5,000 Walmart Community Pharmacy Scholarship. Students must be accepted or enrolled in the professional curriculum at a U.S. college or school of pharmacy and show evidence of leadership skills and academic success. They must also have a preference to serve rural or medically underserved patients.

Private Scholarships

Private scholarships come from companies, service groups, local or regional organizations, foundations, and individuals. For example, Tylenol offers a scholarship for students pursuing careers in health care, including pharmacy.

2. Grants

Like scholarships, you do not have to repay the money you receive from grants. Grants, which are typically based on need, can also be awarded based on merit. Filling out the Free Application for Federal Student Aid (FAFSA®) automatically considers you for federal grants based on need. You may also become eligible for state grants. Your college or university can give you more information about the types of grants you’re eligible for through your pharmacy program.

3. Federal Student Loans

You may be wondering how to pay for pharmacy school without loans. It’s possible to do it through a combination of scholarships, grants, and savings, though many people take advantage of federal student loans through the U.S. Department of Education.

Federal student loans are a type of federal financial aid, and to apply, you must file the FAFSA. Learn more about the requirements for this application in SoFi’s comprehensive guide to the FAFSA. You can qualify for two types of federal student loans for pharmacy school: Direct PLUS Loans and Direct Unsubsidized Loans.

Federal student loans have fixed interest rates and benefits, such as income-driven repayment plans. Just like obtaining an auto loan or a mortgage, you must pay back these loans with interest.

Direct PLUS Loans

Pharmacy students can take advantage of Direct PLUS Loans, also called grad PLUS loans or direct grad PLUS loans, to help finance graduate and professional school. The grad PLUS loan comes from the U.S. Department of Education for graduate or professional students. In order to get one, your school must participate in the Direct Loan Program.

Please note, however, that grad PLUS loans will be discontinued for new borrowers after July 1, 2026. Borrowers who received a grad PLUS loan before June 30, 2026, can continue borrowing under current terms through the 2028-29 academic year.

The Direct PLUS Loan is not need-based, which means you can get it no matter your income level. You can borrow up to the full cost of attendance and use the money to pay for your tuition, room and board, and fees. Your school will subtract other financial aid you receive, such as scholarships, grants, and fellowships, from the full cost of attendance and award you the difference with a Direct PLUS Loan. The interest rate is 8.94% for Direct PLUS Loans first disbursed on or after July 1, 2025 and before July 1, 2026.

Direct Unsubsidized Loans

Similar to student loans for undergraduates, you can tap into Direct Unsubsidized Loans. Unsubsidized means that the government doesn’t pay the interest while you’re in school and during the grace period. You can borrow up to $20,500 per year with this type of loan, and the interest rate is 7.94% if disbursed on or after July 1, 2025 and before July 1, 2026 for graduate students.

4. Private Student Loans

Private graduate student loans do not come from the federal government. This type of loan can come from a bank, credit union, or another financial institution and can be used to help finance your education. The amount you can borrow depends on the costs of your degree but also depends on your personal financial factors, such as your credit score and income.

You may have gotten advice that suggested exhausting all of your federal grant and loan options before considering private loans because interest rates are usually higher compared to federal student loans. Additionally, private student loans don’t qualify for the same borrower protections as federal student loans, such as income-driven repayment plans or deferment options. However, private student loans can be an option to consider if you need additional funding to cover your pharmacy school expenses.

5. PSLF Programs

The Public Service Loan Forgiveness (PSLF) Program is a federal student loan forgiveness program. More specifically, you may qualify to have the remaining balance on your Direct Loans forgiven after you have made 120 qualifying monthly payments under a qualifying repayment plan. You must work full-time for an employer that belongs to a qualifying organization, such as a federal, state, local, or tribal government organization or other nonprofit organization.

You must have Direct Loans or consolidate your other types of federal student loans into a Direct Loan, repay these loans under an income-driven repayment plan, and make 120 qualifying payments toward these loans. The requirements for PSLF can be quite strict, so be sure to read them closely. For more information about PSLF programs and to learn more about your eligibility, contact your loan servicer, which is the entity that services your loan.

6. Pharmacy Internships

Pharmacy internships can be instrumental in your budding career. This approach can help you understand how pharmacies operate, learn the ins and outs of customer service, help you dive into inventory management, and learn the professional skills necessary to become a pharmacist. You may also learn more from pharmacist professionals about leading a team and gain tangible professional experience to bring back to the classroom.

You may also want to look into pharmacy fellowships, which provide financial support in an external or internal capacity (in or out of the university environment). Assistantships also provide financial support in an academic department through teaching, research, or administrative responsibilities.

7. Work Part Time

You may want to consider working a part-time job in conjunction with pharmacy school. For example, if you attend school from 8am-4pm, you may want to seek a part-time job after hours.

However, it’s important to consider your time constraints and whether you can succeed in your coursework. Consider your ability to manage your time before you take on a part-time job. For the right student, taking on a job can help pay for college tuition and provide an additional source of income. Networking opportunities and skill development can also come from a part-time job, even if it doesn’t directly relate to your pharmacy career.

8. Borrow From Family

Do you have a family member who really wants to give you money for your education? You may seriously consider borrowing from your parents, sister, brother, or whoever else wants to lend you money.

Just remember that it could strain family relationships if you fail to pay back the loan. It’s a good idea to have a plan in place to repay your relative(s), as well as create boundaries so both parties feel good about the arrangement.

9. HRSA Loans

The Health Resources and Services Administration (HRSA), an agency of the U.S. Department of Health and Human Services (HHS), improves health care for geographically isolated and vulnerable individuals.

The HHS, through the HRSA, also offers several loans for health services students.

For example, Health Professions Student Loans are available to individuals who study pharmacy, as well as dentistry, optometry, podiatric medicine, or veterinary medicine. Pharmacy students who show financial need may also be able to tap into Loans for Disadvantaged Students. Health Professions Student Loans have fixed interest rates of 5%, which is lower than both Direct Unsubsidized Loans and grad PLUS loans.

These loans also allow a 12-month grace period, while most other loans only offer six months. In addition, Health Professions Student Loans are subsidized, which means you don’t pay interest on the loan while you’re in school, and you do not pay additional loan fees. However, they come with a few downsides: not all schools participate, and there are no set borrowing limits. You also can’t tap into income-driven repayment plans or PSLF.

The Takeaway

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

FAQ

Can you use FAFSA for pharmacy school?

Absolutely! It’s generally a smart idea to file the Free Application for Federal Student Aid (FAFSA®) for pharmacy school, no matter your financial situation. The FAFSA can give you access to a range of financial aid options, including scholarships (your school will consider your eligibility based on the FAFSA results), grants, loans, and work-study programs. You want to be able to put together the best financial aid options for your needs, and the best way to do that involves filing the FAFSA.

Does Walgreens pay for pharmacy school?

Walgreens offers the Pharmacy Educational Assistance Program. This program requires working for the company for a period of time as a registered pharmacist upon receiving your license. Check the company’s website for more details.

How much can pharmacists make after graduating?

The median pay for pharmacists is $137,480 per year, or $66.10 per hour, according to 2024 data from the Bureau of Labor Statistics. The job outlook for pharmacists is projected to grow by 5% between 2024 and 2034, which is faster than average.

About the author

Melissa Brock

Photo credit: iStock/cagkansayin

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

SOISL-Q126-056

Mar

2026

A smiling medical student in scrubs with a stethoscope around her neck and books in her hand walks along a bright corridor.

Refinancing Student Loans During Medical School: What to Know

By Jennifer Calonia | Going to College, Student Loans, student_loan | Comments Off

A career in medicine can be rewarding, but the high cost of medical school means many students take on additional student debt on top of their existing undergraduate student loans.

Some students defer student loan payments while they’re in medical school, and others choose to refinance their student debt. The right choice for you depends on a number of factors, such as whether you have federal or private student loans. Here’s what to know about refinancing student loans during medical school.

Table of Contents

What You Can Expect to Pay
Can You Refinance Student Loans During Medical School?
Pros of Refinancing During Medical School
Cons of Refinancing During Medical School
Should You Refinance Your Student Loans?
Refinancing Student Loans With SoFi
FAQ

Key Points

• Many medical students have undergraduate debt in addition to loans taken to cover the high cost of medical school.

• Student loan refinancing involves combining your private and federal loans into a new private loan, which may have a different loan term and interest rate.

• With refinancing, you can choose to extend your loan term and lower your monthly payments.

• Extending the loan term may result in paying more interest over the life of the loan.

• Refinancing federal student loans requires careful consideration, as you’ll lose federal benefits and protections.

What You Can Expect to Pay

Going to medical school is expensive: The average cost of medical school for 2025 graduates was $255,497 for four years at a private institution and $161,222 at a public institution, according to the Education Data Initiative.

Many students need loans to cover the high cost of medical school tuition and other educational expenses. In fact, 70% of medical school students graduating in 2025 used loans specifically to help pay for medical school (separate from any undergraduate debt). The average medical school graduate owes $246,659 in total student loan debt, which includes undergraduate debt.

If you don’t have the option of in-school deferment for your undergraduate loans while you’re enrolled in medical school, refinancing those loans might be worthwhile and could help lower your loan payments while you’re in medical school. Here’s what you need to know to decide whether refinancing loans as a medical student is right for you.

Can You Refinance Student Loans During Medical School?

Whether you have federal or private student debt, you can technically refinance your student loans at any time along your journey toward becoming a physician.

Through refinancing, you can combine multiple student loans of any type — federal or private — into one new refinanced loan. This new loan is from a private lender and comes with its own interest rate and loan term.

The lender will repay the original loans you included in the refinancing process. You’ll then repay the lender, based on the details of your refinance loan agreement, in incremental monthly payments.

Another Option for Federal Student Loans During Medical School

It’s important to know that if you have federal student loans, refinancing them will remove you from the federal student loan program.

Keeping your federal student loans within the Department of Education’s loan system gives you access to benefits and protections that can be useful while you’re in medical school, such as extended deferment or forbearance.

Generally, student loan deferment is applied automatically to federal Direct Loans of borrowers who are enrolled at least half-time at an eligible school. If your federal student loans from your undergrad program weren’t placed on in-school deferment, reach out to your school and ask them to report your enrollment status.

This student loan refinancing alternative can postpone your monthly payment requirement until after you leave school. However, if you borrowed through Direct Unsubsidized Loans or Direct PLUS Loans, you’re responsible for repaying interest that accrues during this time.

Pros of Refinancing During Medical School

A student loan refinance during medical school can offer benefits.

You Could Extend Your Loan Term.

Generally, once you’ve signed your student loan agreement, you’ve committed to a specific repayment term. For example, if your private student loan has a 5-year term, you’ll need to repay the loan’s balance, plus interest, in that time period.

However, repaying your loan balance while attending medical school might be difficult. With student loan refinancing, you can choose to stretch your repayment timeline over a longer term, such as 10 or 15 years.

You Could Secure Lower Monthly Payments.

When you extend your student loan refinance term, your monthly installment payments will often become smaller, since they’re stretched over a longer period. Prolonging your loan term can result in paying more interest over the life of the loan, but the likelihood of a lower monthly payment means you could have more funds in your budget to meet the day-to-day costs of medical school.

Some Refinancing Lenders Offer Deferment.

Some refinancing lenders offer borrowers the option to defer their student loan refinance payments while in medical school. Generally, you’ll need to meet the lender’s minimum enrollment status and possibly other requirements.

This benefit, however, isn’t offered by all lenders, so always confirm with the lender before finalizing any student loan refinance offer.

Recommended: A Guide to Refinancing Student Loans

Cons of Refinancing During Medical School

Although there are benefits to refinancing your student loans, there are downsides to this repayment strategy as well.

You Could Pay More Interest Over Time.

Extending your loan term can cause you to pay more interest over the life of the loan, assuming you don’t make extra monthly payments. This means that you’ll ultimately pay more overall for your undergraduate degree.

You’ll Lose Access to Loan Forgiveness.

If you refinance federal student loans, you’ll lose access to federal benefits and protections. Physicians who expect to work in the government or nonprofit sector might be eligible for loan forgiveness under the Public Service Loan Forgiveness (PSLF) program.

To be eligible for forgiveness, you must have eligible Direct Loans and have made 120 qualifying payments toward your federal loan debt while working for a qualifying employer. After you meet PSLF requirements, the program forgives the remainder of your eligible federal loan balance.

You’ll lose access to this significant benefit if you refinance federal loans into a private loan.

Should You Refinance Your Student Loans?

Student loan refinancing is a strategy that can be advantageous for certain borrowers in specific circumstances. For instance, it might be a good option for borrowers who already have a private undergraduate loan and simply want to lower their interest rate to save money.

The option to extend your term can also make refinancing a helpful strategy if your main goal is to lower your monthly undergraduate loan payments. Borrowers who have adequate savings, have a reliable income while in medical school, and are confident that they won’t participate in programs such as PSLF might benefit most.

Assess your current financial situation, and talk to your loan servicer or undergraduate loan lender to get a full understanding of your repayment options during medical school.

Refinancing Student Loans With SoFi

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

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

FAQ

Can you refinance student loans during residency?

Yes, you can refinance student loans while in residency. However, if you refinance federal loans, that portion of your student debt will become ineligible for federal loan forgiveness in the future.

Do doctors ever pay off their student loans?

Yes, many doctors pay off their student loans, though how they do so can vary. Some start making small payments during residency or apply for an income-driven repayment plan, while others may refinance or pursue loan forgiveness programs.

When should I refinance my medical student loans?

You can explore private student loan refinancing at any time, especially if your income is stable and your credit has improved since you first took out the loan. If you have federal student loan debt, consider whether you’ll pursue loan forgiveness at any point along your career journey. If you might, you’ll need to keep your student loans within the federal loan program to be eligible for forgiveness.

Photo credit: iStock/Edwin Tan

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).

SOSLR-Q126-034

Mar

2026

A female nurse in blue scrubs smiles as she talks to another woman, whose face is turned away from the camera.

Budgeting as a New Nurse

By Bonnie Gibbs Vengrow | Budgeting & Goals, Life & Career, student_loan | Comments Off

When Jennifer S. clocked in on her first day of work as a nurse at a major hospital, she remembers thinking, “I’ve got this.” And she did. Nursing school had prepared her well for working in the emergency room.

She felt less confident about navigating her finances, however. Jennifer had to balance her living expenses and long-term goals with $40,000 in student loans while earning $25 an hour.

She cooked meals at home and kept her expenses low. Jennifer also created a monthly nursing budget to help organize her finances. “I saw that I should start saving a little more during the second half of the month, when I usually had leftover money, in case I needed it for the next month’s bills,” she says.

In addition, Jennifer discovered ways she could make extra money. Consider this nursing budget example: She switched to overnight shifts, making an additional $7,000 a year. When a hurricane hit her state, she worked around the clock at the hospital for a week and earned roughly $6,000, which she put toward a down payment on a home. And she routinely picked up per diem and travel assignments.

Table of Contents

Why You Need a Nursing Budget
How to Budget as a Nurse
Common Financial Challenges for Nurses
Watch Your Spending
Develop Your Savings Strategy
Explore Different Investments
Take Control of Your Student Loans
Consider Whether Student Loan Refinancing Is Right for You
FAQ

Key Points

• Nurses encounter financial challenges, such as repaying student loans, which require a well-structured budget to manage effectively.

• Budgeting techniques such as the 50/30/20 rule can help nurses manage their money, control spending, and save for financial goals.

• There are a range of options to help you build up savings as a nurse, including contributing to your 401(k) or 403(b) retirement plan.

• Regularly reviewing and adjusting your budget is essential as your financial circumstances evolve over time.

• Student loan management can be aided by options such as loan refinancing and forgiveness programs for nurses, helping to alleviate debt.

Why You Need a Nursing Budget

It’s an interesting time to be a nurse. Staffing shortages and burnout worsened during the pandemic, and the nursing shortage is expected to continue to grow through 2035. The rising cost of higher education, including how to pay for nursing school, has resulted in a growing number of students graduating with debt.

According to the American Association of Colleges of Nursing, roughly 70% of nurses take out nursing student loans to pay for school, and the median student loan debt in the field is between $40,000 and $55,000.

On the plus side, staff shortages mean nurses have some leverage. The profession is in such high demand right now that some hospitals are offering incentives such as sign-on bonuses, flexible hours, and student loan repayment help.

And in general, nurses can earn a good salary. According to the latest data from the U.S. Bureau of Labor Statistics, the median income for a registered nurse in 2024 was $93,600, and the median income for a licensed practical nurse or licensed vocational nurse was $62,340. The median income for a nurse anesthetist, nurse midwife, or nurse practitioner — fields that typically require a master’s degree — was $132,050 per year. Nurses who are willing and able to take on additional shifts, work overnight, or accept lucrative travel assignments stand to make even more.

If you’re a new nurse who’s figuring out your finances, a nursing budget is a good place to start.

How to Budget as a Nurse

With tens of thousands of dollars’ worth of student loans to repay, it’s helpful for nurses to create a budget to manage their money, cover their living expenses, pay down the debt they owe, and plan for their financial future. Here’s how to do it:

• Set financial goals. Think about your short-term and long-term aspirations. These might be targets such as saving $2,000 in your bank account, paying off your student loans, or investing a certain amount for retirement. Knowing what you’re working toward will help give you the motivation to get there.

• Calculate your income. Look at your pay stubs to see how much you’re bringing home each month. That’s the amount you have to work with.

• Determine your expenses. Pull out all your bills and add up how much you’re spending each month for rent, food, utilities, loan and credit card payments, and so on. Be sure to include “fun” expenses such as dining out, entertainment, and self-care costs.

• Find a budgeting method that works for you. There are different types of techniques, such as the 50/30/20 rule, which divides your budget into different categories: 50% for essential expenses, such as rent, utilities, food, car payments, and debt payments; 30% for discretionary expenditures, such as eating out, travel, and shopping; and 20% for goals such as saving for a home, your child’s education, or retirement. There’s also the envelope budgeting system, where you put cash monthly into envelopes for each spending category, such as housing and food. Once the money in an envelope is gone, you’ll need to wait until the next month to spend in that category again or take money from another envelope. Explore the different methods and choose the one that works best for your lifestyle.

• Review your budget regularly and update it as needed. Make adjustments as your situation changes. For instance, maybe your car breaks down, and you need extra money for emergency repairs. Or perhaps you get a raise that increases your income. Tweak your budget accordingly.

Common Financial Challenges for Nurses

As a nurse, you’ll face some unique money-related challenges. For example, you may have work expenses, such as purchasing a uniform, comfortable shoes, and certain tools to do your job. Many hospitals and clinics require you to buy your own stethoscope, for instance. And working long shifts or irregular hours may leave you with less time for cooking, so you end up spending more money on takeout.

In addition, as a nurse, you may decide to pursue an advanced degree, such as a master’s, to move up the ladder and earn more money. That could mean taking out graduate student loans to cover the cost of your continuing education, in addition to the loans you already have.

These financial challenges are all things to factor into your nurse budget so that you have a plan for paying them off.

Watch Your Spending

Even when you’re on a budget, it can be easy to fall into the habit of overspending because there are various ways to supplement your income as a nurse. “When I was doing travel assignments, I just kept working,” Jennifer says. “At the time, I didn’t realize it would stop, so I didn’t think to save as much as I could have.”

Lifestyle creep can be a common pitfall, especially when you start earning more money, says Brian Walsh, CFP, senior manager, financial planning for SoFi. Spending more on nonessentials as your income rises can potentially wreak havoc on your savings goals and financial health. That’s why budgeting for nurses is so important.

While you’re starting to establish your spending habits, Walsh recommends using cash or a debit card for purchases. Automate your finances whenever possible by doing things such as pre-scheduling bill payments.

Develop Your Savings Strategy

A sound savings plan can help you make progress toward your short- and long-term goals and provide a sense of security. Walsh suggests nurses set aside 20% of their income for retirement and other savings goals, such as building an emergency fund that can cover three to six months’ worth of your total living expenses. He recommends placing it in an easy-to-access vehicle, such as money market funds, short-term bonds, certificates of deposit (CDs), or a high-yield savings account.

The remaining 80% of your income can go toward current living expenses, including monthly student loan payments.

Jennifer found success by adopting a set-it-and-forget-it approach to saving. “Whenever I worked a per diem shift, I got in the habit of putting $100 or $200 of every check into a savings account,” she says. Before long, she had a decent-sized nest egg and peace of mind.

Explore Different Investments

One simple way to build up savings is to contribute to your 401(k) or 403(b) retirement plan, if one is available to you, and tap into a matching funds program. There’s a limit to how much you can contribute annually to one of these plans. In 2026, you can contribute up to $24,500, and if you’re 50 or older, you can contribute an extra $8,000, for a total contribution of $32,500.

If you don’t have access to an employer-sponsored retirement plan, there are other ways to save for the future. “Start by figuring out what your targeted savings goal is,” Walsh says. If you’re going to save a few thousand dollars, you might consider a traditional IRA or a Roth IRA. Both can offer tax advantages.

Contributions made to a traditional IRA may be tax-deductible, and no taxes are due until you withdraw the money. Contributions to a Roth IRA are made with after-tax dollars, and you don’t pay taxes when you withdraw the funds as qualified distributions in retirement. However, there are limits on how much you can contribute each year and on your income. In 2026, you can contribute up to $7,500 to an IRA annually, with an additional $1,100 allowance for individuals aged 50 and over.

Ideally, Walsh says, you’re saving more than a few thousand dollars for retirement. If that’s the case, then a Simplified Employee Pension IRA (SEP IRA) may be worth considering. “Depending on how your employment status is set up, a SEP IRA could be a very good vehicle because the total contributions can be just like they are with an employer-sponsored plan, but you control how much to contribute, up to a limit,” he says. What’s more, contributions are tax-deductible (up to a limit), and you won’t pay taxes on growth until you withdraw the money when you retire.

Another option is a health savings account (HSA), which may be available if you have a high-deductible health plan. HSAs provide a triple tax benefit: Contributions reduce taxable income, earnings are tax-free, and money withdrawn for qualifying medical expenses is also tax-free.

Depending on your financial goals, you may also want to consider after-tax brokerage accounts. They offer no tax benefits but give you the flexibility to withdraw money at any time without being taxed or penalized.

Take Control of Your Student Loans

You have different priorities competing for a piece of your paycheck, and nursing school loans are one of them. You may need to start repaying loans six months after graduation, and options vary based on the type of loan you have.

If you have federal loans and need extra help making payments, you might look into a loan forgiveness program or an income-driven repayment (IDR) plan, which can lower monthly payments for eligible borrowers based on their income and household size.

If you’re struggling to make payments, you may qualify for student loan deferment or forbearance. Both options temporarily suspend your payments, but interest will continue to accrue and add to your total balance.

You could also explore the option of student loan forgiveness. There are a number of student loan forgiveness programs for nurses, such as the NURSE Corps Loan Repayment Program. If you work for a government or nonprofit organization, you could look into the Public Service Loan Forgiveness Program to see if you qualify.

Chipping away at student loan debt can feel overwhelming. And while there’s no one-size-fits-all solution, there are a couple of different debt pay-off approaches you may want to consider. With the avalanche approach, you prioritize debt repayment based on interest rate, working from highest to lowest. With the snowball approach, you pay off the smallest balance first and then work your way up to the largest balance.

While both have their benefits, Walsh says he often sees greater success with the snowball approach. “Most people should start with paying off the smallest balance first because then they’ll see progress, and progress leads to persistence,” he explains. But, he adds, the right approach is the one you can stick with.

Consider Whether Student Loan Refinancing Is Right for You

When you choose refinancing, including medical professional refinancing, a private lender pays off your existing loans and issues you a new loan. This combines all of your loans into a single monthly bill, potentially reduces your monthly payments, and may give you a chance to lock in a lower interest rate than you’re currently paying. A quarter of a percentage point difference in an interest rate could translate into meaningful savings if you have a big loan balance, Walsh points out. However, keep in mind that you may pay more interest over the life of the loan if you refinance with an extended term.

A student loan refinancing calculator can help you determine how much refinancing might save you.

Still, refinancing your student loans may not be right for everyone. By choosing to refinance federal student loans, you could lose access to benefits and protections, such as federal loan forgiveness plans. Be sure to weigh all the options and decide what makes sense for you.

Recommended: Student Loan Refinancing Guide

The Takeaway

Nursing can be a rewarding career, with flexibility and opportunities to add to your income. However, as a new nurse, you’re likely trying to stretch your paycheck to cover student loan debt and everyday expenses. Fortunately, by using a few smart strategies, such as budgeting and saving, and exploring options such as refinancing, you can start to pay down your loans and reach your financial goals.

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

FAQ

How can you effectively budget as a nurse?

You can effectively budget as a nurse by setting financial goals, calculating your income, determining your expenses, and finding a budgeting method that works for you. You should review your budget regularly and update it as needed.

How much of your income should you save?

As a nurse, you should consider setting aside 20% of your income for retirement and other savings, such as building an emergency fund that can cover three to six months’ worth of your total living expenses. You can place it in an easy-to-access vehicle, such as money market funds, a high-yield savings account, short-term bonds, or CDs.

What are the options to repay your student loans?

If you have federal loans and need extra help making payments, you could look into a loan forgiveness program or an income-driven repayment plan. If you’re struggling to make payments, you may qualify for student loan deferment or forbearance. You could also consider refinancing your federal student loans with a private lender, but that may mean losing access to certain benefits and protections that federal student loans provide.

Photo credit: iStock/FatCamera

The member’s experience below is not a typical member representation. While their story is extraordinary and inspirational, not all members should expect the same results.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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

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

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SOSLR-Q126-020

Mar

2026

A blond woman lying on a treatment table with a therapist’s hands holding her head and neck.

How Much Physical Therapy School Costs and Ways of Paying for It

By LeeMarie Kennedy | Going to College, Student Loans, student_loan | Comments Off

Physical therapy (PT) school costs in the U.S. can range between $7,500 and $57,000 per year, depending on whether you live in the same state as the program you attend.

And when it comes to how to pay for PT school, there are several funding options for prospective students — from grants and scholarships to federal financial aid, work-study programs, private student loans, and more.

Keep reading to find out how much PT school costs and how to pay for it.

Table of Contents

Cost of Physical Therapy School
7 Ways to Pay for Physical Therapy School
How Much Can Physical Therapists Make?
FAQ

Key Points

• Several funding options for PT schools are available for prospective students, including grants, scholarships, federal financial aid, work-study programs, and private student loans.

• The average total cost of education for PT programs in the U.S. is $106,051 for in-state students and $125,287 for out-of-state students.

• Grants for PT school are sponsored by various sources, including the federal government, public and private colleges, professional organizations, and corporations.

• Private and professional organizations offer financial aid opportunities to PT students, often on a regional basis.

• While the average cost of attending PT school may seem high, the median salary for a PT is $101,020, which may help to justify the expense of education.

Cost of Physical Therapy School

The cost of PT school can vary significantly depending on the program you attend and your location.

With that said, the average total cost of education for PT programs in the U.S. is $106,051 for in-state students and $125,287 for out-of-state students.

7 Ways to Pay for Physical Therapy School

Now that you have an idea of how much PT school might cost, your next priority is likely figuring out how to pay for it once you’ve been accepted.

Below are seven different options you can look into to help cover the costs of attending PT school.

1. Grants

Physical therapists are in high demand, and there’s been a corresponding increase in the number of grants available to students who are pursuing a career in PT.

Grant funding that helps students with PT school costs is sponsored by a variety of sources, from the federal government to public and private colleges and universities, professional organizations, and corporations.

It’s a good idea to kick off your search for grant funding with federally-backed programs that target PT majors. If you’re enrolled in a PT program from an accredited college or university, you may be eligible for the following federal grants.

Recommended: Grants for College

The Federal Pell Grant

The Federal Pell Grant is available to undergraduate students with demonstrated financial need. Graduate-level students in Doctor of Physical Therapy programs are not eligible, but students in Physical Therapy Assistant (PTA) programs may apply. The amount of awarded funding maxes out at $7,395 for the 2025-26 school year. The amount awarded can change yearly and is based on the student’s level of financial need, attendance status (full time or part time), and the cost of the program itself.

The Federal Supplemental Educational Opportunity Grant

The Federal Supplemental Educational Opportunity Grant (FSEOG) is available to eligible undergraduate students who have already qualified for a Pell Grant, still demonstrate financial need, and are enrolled in a participating college or university.

To apply for an FSEOG, you can work with your college’s financial aid office and learn if you’re eligible to receive anywhere from $100-$4,000.

US Department of Health and Human Services (HHS) Aid

The U.S. Health Resources and Services Administration (HRSA), an agency of the HHS, offers a variety of financial aid opportunities that are designed to assist students entering into the health care profession. One example is the HRSA Scholarship for Disadvantaged Students, which is a campus-based grant program that provides financial assistance to students from disadvantaged backgrounds. Eligible recipients must be pursuing a degree in an approved health care field (PT being one of them), and the college or university the student is attending determines their eligibility and award amount.

Colleges and Universities

There are several campus-based grants and payment programs available to PT students to help cover PT school costs. Once you’ve compiled a list of preferred PT programs, you can search for these grants and scholarships on the schools’ websites or speak to someone in their financial aid departments to get started.

Private Organizations

Private and professional organizations can be solid sources for grants, scholarships, and fellowships that help aspiring PTs pay for PT school.

In many cases, the funding is extended on a regional basis, so searching for state or local organizations is a great way to seek financial aid that’s relevant to PT in your particular area.

The American Physical Therapy Association (APTA) sponsors several grants and scholarships for PT students, including the Outstanding PT Student and PTA Student Awards and the Orthopedic Section Outstanding PT/PTA Student Award, among others.

An example includes the Foundation for Physical Therapy Research (FPTR), which administers research grants for graduate-level PT students in a variety of rehabilitation techniques, including pediatric and geriatric PT. In addition, the FPTR offers $5,000 in award funds from their Promotion of Doctoral Studies Scholarship for high-performing PTs and PTAs pursuing doctoral studies at an accredited college or university.

2. Scholarships

When considering how to pay for PT school with a scholarship, consider searching scholarship databases for PT scholarships. Websites such as CollegeScholarships, Scholarships 360, or Scholarships.com all offer comprehensive lists of scholarships available specifically to students studying PT.

In addition to your course of study, you can factor in other talents or qualities that may help you qualify for a scholarship, such as where you grew up, your ethnicity, or your gender.

Review the scholarships available at your specific school as well.

3. Federal Student Loans

To help PT students offset their PT school costs, federal student loans are another prime way to secure financial aid.

Federal financial aid for PT students can come in the form of various federal student loans. They cover the cost of attendance, living expenses, fees, and more to help you pay for your PT education.

On top of that, federal student loans offer specific perks and protections such as:

• Deferment (eliminated for economic hardship or unemployment for loans made on or after July 1, 2027)

• Forbearance (capped at nine months in any 24-month period for loans made on or after July 1, 2027)

• Student loan forgiveness options

• A six-month grace period for new grads

Most federal student loans (aside from PLUS loans) don’t require a credit check, so borrowers won’t need to add a cosigner to the loan. Undergraduate students may also qualify for Direct Subsidized Loans, which are awarded based on financial need. Students are not responsible for paying the interest that accrues on subsidized loans while they are actively enrolled or during qualifying periods of deferment, such as the grace period.

4. Private Student Loans

Private student loans can be obtained from private lenders such as banks, credit unions, or other financial institutions and can help bridge the gap when federal student loans aren’t enough to pay for PT school. That said, it may be tricky for PT students to qualify for private student loans without a cosigner, especially if they have a lower credit score or no credit at all.

In some cases, aspiring PT students may need to ask someone to cosign for a private student loan to help them obtain a lower interest rate and more favorable loan terms.

While private student loan borrowers aren’t afforded the same perks and protections as they are with federal student loans, there are still benefits to using private student loans to pay for PT school.

Here’s a guide to private student loans that can help you learn more about the available options.

5. Part-Time Work

Whether it’s a side hustle or a sanctioned work-study program, there are other ways to pay for PT school that don’t involve a loan, grant, or scholarship.

On Campus

An on-campus work-study program is typically offered by the college or university where a student is attending PT school.

In the case of the Federal Work-Study Program, students are eligible for part-time employment while enrolled in PT school if their college is a participating member of the program and the student meets the program’s eligibility requirements. Checking with the school’s financial aid office is the best way to determine whether or not they offer a Federal Work-Study Program.

Off Campus

The Federal Work-Study Program also offers off-campus employment for a private nonprofit organization or a public agency, typically for work that’s performed in the public interest.

That said, finding your own job on or off campus (that’s not tied to federal aid) is also a possibility. Whether it’s a part-time job at a local cafe, waiting tables at a restaurant, or becoming a nanny for a nearby family, there are other options for figuring out how to pay for PT school.

6. FAFSA

If you’re thinking about using federal student aid to pay for PT school, the first step is filling out the Free Application for Federal Student Aid (FAFSA®).

The FAFSA is a free form that’s completed by current and prospective PT students to determine their eligibility for federal financial aid, including loans, scholarships, and the programs mentioned above.

Take a look at this FAFSA guide for more information about what the FAFSA is, which types of financial aid you may be eligible for, the requirements for receiving funds, and important dates to know.

7. PSLF

Public Service Loan Forgiveness (PSLF) is a federally-backed program that forgives the remaining balance on a borrower’s Direct Loans after:

• They’ve made 120 qualifying monthly payments.

• They’re under a qualifying repayment plan.

• While they’re working full-time for a qualifying employer.

The requirements for receiving PSLF are strict, so if you are pursuing this option, be sure to read all the program instructions and paperwork closely.

When deciding how to pay for PT school, this is one reason many prospective students turn first to federal financial aid.

It’s Student Loan Forgiveness programs like these that are among the many perks and protections of federal student loans that can’t be accessed through private student loans.

How Much Can Physical Therapists Make?

While PT school costs can seem a bit steep, the compensation for recent PT grads can potentially justify the price tag for today’s typical PT program.

In 2024, physical therapists made a median salary of $101,020, with the top 10% bringing in more than $132,500 and the lowest 10% earning $74,420.

The Takeaway

When it comes to how to pay for PT school, there are several ways aspiring students can receive financial aid — including grants, scholarships, work-study programs, federal student loans through FAFSA, and private 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.

FAQ

What is the average student debt for a physical therapist after graduating?

PTs graduate with an average total student debt amount of around $156,000.

How much can PTs expect to make after graduating?

An entry-level physical therapist salary can range from $65,000 to $85,000 or higher per year, and the median salary among all PTs was $101,020 in 2024.

Will the military pay for PT school?

Each branch of the U.S. Armed Forces has different programs and requirements for receiving financial assistance for PT school. Visiting their individual websites is the best way to determine eligibility.

Photo credit: iStock/marinesea

Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.

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

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

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

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

SOISL-Q126-035