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College financial aid includes grants, scholarships, work-study, and federal student loans.

You apply for federal aid by filling out the Free Application for Federal Student Aid (FAFSA®). Once submitted, students can expect to receive a financial aid award that details the type and amount of aid for which they qualify. Financial aid can be incredibly helpful when trying to finance your college education, but it’s possible that you may not receive enough to foot your tuition bill. If that’s the case, there are other options available to help you pay for your education.

Continue reading for more information on understanding your financial aid package and the options to consider should you find yourself in need of additional funding.

What Is Financial Aid?

Financial aid is financial assistance provided to students to help cover the cost of higher education, including tuition, fees, books, and living expenses. It can come from the federal government, state agencies, colleges, and private organizations. Financial aid is typically awarded based on financial need, academic merit, or other eligibility criteria.

Types of financial aid include grants, scholarships, work-study programs, and student loans. Grants and scholarships do not need to be repaid, making them the most desirable forms of aid. Work-study programs allow students to earn money while in school, while student loans must be repaid after graduation. Understanding financial aid options can help students reduce their educational costs and manage their finances effectively.

How Does Financial Aid Work?

Financial aid works by providing students with funding to help cover the costs of higher education, such as tuition, fees, books, and living expenses. Students typically begin by completing the Free Application for Federal Student Aid (FAFSA) or the CSS Profile to determine their eligibility for various types of aid. Based on financial need, merit, or other qualifications, students may receive grants, scholarships, work-study opportunities, or student loans.

How Do I Apply for Financial Aid?

In order to get any financial aid package for college, the first step is generally to fill out a Free Application for Federal Student Aid, commonly known as FAFSA.

The FAFSA for the 2025-26 school year became available Dec. 30, 2023, and the application cycle ends on June 30, 2025. Some states and colleges have separate deadlines for the FAFSA to determine aid. Contact your school’s financial aid office for questions about the deadline for your state or school.

Filling out the FAFSA requires some basic financial and income information. If you’re a dependent student, then you’ll need your parents’ financial info as well.

All federal loans, both subsidized and unsubsidized, require a FAFSA in order to determine eligibility. Colleges may also use the FAFSA to determine their own financial aid awards and packages, based on things like the Student Aid Index and financial need.

After you fill out the FAFSA, the Office of Federal Student Aid at the U.S. Department of Education will process your FAFSA and send you a Student Aid Report (SAR), which is essentially a summary of your information. It’s usually worth reviewing this information in detail to confirm that all of the information is accurate. If you find a mistake after reviewing your SAR, you’ll likely need to update or correct your FAFSA.

The SAR will include the calculated Student Aid Index (SAI), which is how much you and/or your family can be expected to contribute personally toward your education.

Then, colleges use this information to determine eligibility for university, local, state, and federal financial aid. Sometimes schools may ask for additional information, particularly if you are applying for school-specific scholarships.

The schools will then assemble a financial aid package that could be made up of grants, loans, work-study, and other waivers, and send you an “award letter.” Reviewing your award letter carefully can help you choose the financial aid mix that is right for you.

What Are the Different Types of Financial Aid?

A financial aid package is a list of different amounts of money in different forms of loans, grants, work-study, or other tuition waivers that should add up to cover the cost of the college, minus your Student Aid Index.

Here are the different types of financial aid you may see in your financial aid package:

Grants and Scholarships

Grants and scholarships don’t have to be repaid, so they are sometimes referred to as “gift aid.” These could be school, state, or federal scholarships and grants you qualified for and were awarded.

Recommended: SoFi’s Scholarship Search Tool

Work-Study

This is part-time work you will do and be paid for. You’ll be paid at least the federal minimum wage, but depending on the job, you could earn more. Being granted work-study in your aid package does not always guarantee a job. Depending on the school you attend, you may be matched with a job or you may have to apply for and secure your own job.

Federal Student Loans

Federal loans can be either subsidized or unsubsidized, and usually have lower interest rates than private loans. There is also typically a cap on how much you can borrow.

Subsidized loans are for undergrads and are awarded based on financial need; additionally, the government pays the interest on them while you’re in school at least half-time, during your grace period, and during periods of deferment.

Unsubsidized loans are available to undergraduate and graduate students and are not awarded based on financial need. This type of loan accrues interest while a student is enrolled at least half-time, during the loan’s grace period, and during other periods of deferment.

Borrowers have the option to make interest-only payments during this time, but are not required to do so. If the interest on the student loan accrues, at the end of the deferment period it will be capitalized or added to the principal value of the loan.

There are also PLUS Loans for parents and graduate students, which are also unsubsidized.

Beyond Federal Financial Aid: Private Student Loans

Private student loans are not part of a federal financial aid package. Private student loans can be borrowed from a private lender, which typically have more stringent financial qualifications and, like federal loans, must be paid back with interest. Typically, that interest also accrues while you’re in school.

Check the terms of any private student loans you’re considering and the interest rate being offered to get a sense of how they stack up to federal loans. Federal loans also offer benefits that private student loans do not, such as income-driven repayment plans and deferment options.

In order to make the decision that’s best for you, you’ll want to compare the total cost of attendance, how much gift aid is being awarded, and the loans you’ve received and their terms. This should give you a better idea of how much any federal loans will cost you, and whether there is a gap in funding.

The total cost of college may change over a student’s enrollment, so it generally needs to be calculated each year. Consider things like fluctuation in tuition rates, federal interest rates, and your financial aid award which, among other factors, have the potential to change.

Recommended: Graduate Student Loans

What Should I Know About Financial Aid Deadlines?

Financial aid deadlines vary depending on the type of aid and the institution, so it’s crucial to stay informed and apply on time. Federal aid deadlines are set by the U.S. Department of Education, while state and institutional aid may have earlier deadlines.

For the 2025-26 academic year, the FAFSA deadline is June 30, 2025. The deadline for the CSS Profile is Feb. 17, 2025.

Some scholarships and grants operate on a first-come, first-served basis, meaning funds could run out before the deadline. Missing deadlines can result in reduced aid or lost eligibility for grants and scholarships. To ensure you receive the maximum aid available, check deadlines for the FAFSA, CSS Profile, and specific schools, and submit applications as early as possible.

How Do Schools Award Aid?

Schools award financial aid based on a combination of factors, including financial need, merit, and availability of funds. They use information from the FAFSA or CSS Profile to determine need-based aid, while scholarships and grants may be awarded for academic, athletic, or other achievements.

Schools allocate funds based on their financial aid policies, federal and state regulations, and institutional resources. Once aid is determined, students receive an award letter detailing their financial aid package, which may require acceptance and additional steps to secure funding.

When Will I Receive a Financial Aid Award Letter?

The timing of your financial aid award letter depends on when you submit the FAFSA or CSS Profile and the school’s processing timeline. Typically, students who apply early can receive their award letters as early as late winter or early spring, often between February and April.

However, some schools may issue award letters on a rolling basis, especially for students who apply later. If you’re an incoming freshman, you’ll usually receive your financial aid package shortly after your college acceptance. Returning students may receive their award letters later in the spring or early summer before the next academic year begins.

Should I Appeal a Financial Aid Award?

It is possible to appeal a financial aid package, particularly if you had a change in circumstances or if there was a gap between the cost and the award. While writing an appeal letter might be a first step if your financial aid package isn’t enough to cover the cost of college, it doesn’t guarantee your award will change.

It also might be the case that circumstances change and you lose your financial aid or portions of your award package. In these situations, there are options in addition to or besides appealing.

Recommended: A Complete Guide to Private Student Loans

The Takeaway

Your financial aid package will state the amount and types of aid you receive. Financial aid includes scholarships, grants, work-study, and federal student loans. Carefully compare your financial aid awards at each college when you are making your college decision.

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

FAQ

What types of financial aid might be included in a financial aid package?

A financial aid package may include scholarships, grants, work-study opportunities, and federal student loans. Each type of aid has different terms and conditions, so it’s important to understand them to make informed decisions.

How can students compare financial aid packages from different colleges?

Students should carefully review each financial aid award, considering factors such as the balance between loans and grants, the total cost of attendance, and any conditions attached to the aid. This thorough comparison helps in making an informed college decision.

Why is it important to understand the components of your financial aid package?

Understanding the components of your financial aid package is crucial because it allows you to know how much financial support you’re receiving and what your financial responsibilities will be during and after your education. This knowledge aids in effective financial planning and decision-making.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOISL-Q125-019

The average salary for a doctor in California is $239,200 according to the latest data from the Bureau of Labor Statistics. Understanding the average salary of a profession can help you make a variety of important decisions, from what field you want to enter to where you want to live and work.

Here’s a closer look at how much medical doctors make a year in California, regional differences in salary, and the top-paying medical specialities in the state.

What Is the Average Salary for a Medical Doctor in California?

The average salary of a physician in the state of California is $239,200 per year, according to data from the U.S. Bureau of Labor Statistics (BLS). This figure doesn’t account for a physician sign-on bonus, which some doctors receive. Interestingly, California is squarely in the middle when it comes to average physicians’ salaries. The average salary in California lags behind a dozen states, including New Mexico, Wyoming, Colorado, and Connecticut.

Though many consider anything more than $100,000 a good salary, the fact that California’s pay is not top tier may come as a surprise to some. However, there are some possible explanations. For one, California spends the most on Medicaid among U.S. states. Medicaid — and Medicare, for that matter — both reimburse physicians at rates lower than their usual fees. Doctors who are seeing a lot of elderly or low-income individuals may see their incomes reduced.

Note that early in your career as a doctor, while you’re in your residency or fellowship, you’ll likely make considerably less than you will later in your career. You may need to budget wisely to get by on a medical resident’s salary.

You may also want to consider using a spending app, which can help you set financial goals and a budget and track where your money goes.

How to Become a Doctor in California

Doctors are health care professionals who are charged with meeting with patients, diagnosing their conditions, and managing their care plans. They perform tests and prescribe medications. And they must coordinate with a range of other health care professionals, including other doctors, nurses, and emergency medical technicians.
That’s a lot of responsibility, and as a result, it takes a lot of training to become a doctor.

First, you’ll need to complete a bachelor’s degree in a field that relates to medicine, such as premedicine, biology, or biochemistry.

Next, you’ll need to go to medical school, where you will receive classroom and practical training to advance your knowledge in the medical field. Medical school is typically a four-year program. While in school, you’ll complete the first and second parts of the U.S. Medical Licensing Examination (USMLE). The average cost of medical school can be high, typically running more than $60,000 a year at private institutions.

When you graduate from medical school, you’ll enter a residency program that helps you choose a medical specialty. These programs usually last three years (but may be as long as seven), and under the supervision of an experienced physician, you’ll work full time as a resident doctor. You’ll complete your residency by passing the third and final part of the USMLE.

After your residency, you can choose to complete a fellowship that gives you further training in the specialty you’ve chosen. Though fellows tend to make more than residents, their salary isn’t as high as new doctors. The good news is, there are ways to budget on a medical fellowship salary.

Finally, you’ll need to obtain a California medical license from the Medical Board of California. You can renew your license every two years, which requires 50 hours of continuing medical education.

Recommended: What Is the Average Medical School Debt?

Reasons to Become a Doctor

Becoming a doctor can involve a lot of challenges, but it can also be immensely rewarding work. Here are a few reasons you might become a doctor:

•   To help others: Doctors diagnose and treat medical conditions, helping to save and improve patients’ lives. They are often involved in ongoing treatment, ushering patients down the path to recovery. Being a physician is a people-centric profession that involves working closely with patients and their families to explain medical conditions and treatment options.

•   To work in the sciences: If you’re interested in a variety of scientific fields, from biology to chemistry to anatomy to pharmacology, being a doctor is a way to explore these subjects while also helping others.

•   To find purpose: The responsibility toward patients and coworkers and the ability to better people’s health and well-being often provide doctors with a sense of satisfaction and meaning in their work.

•   To become a teacher: Becoming a doctor requires a lot of schooling and ongoing training. Doctors may pass on this knowledge by educating patients on how to lead healthier lives, educating medical students in teaching hospitals, and supervising residents.

•   To have job security: The job outlook for physicians is relatively low, with the field expected to grow 3% through 2031. That said, there are still 23,800 openings for physicians projected each year, according to BLS data.

•   To make a good salary: The annual average wage for all workers in the United States is $59,228, according to the BLS — quite a bit lower than the $239,200 average annual pay for physicians in California. That means a new doctor’s budget could be easier to wrangle than other workers starting their careers, but then again, a M.D. may have considerable educational debt.

Recommended: What Is The Average Salary in the U.S.?

Best-Paying Medical Doctor Jobs in California

The medical speciality you pursue in California will have a big impact on your salary. According to BLS data, here are some of the highest-paid physicians in California:

Psychiatrist

Psychiatrists help diagnose and treat mental disorders. Unlike psychologists, they are allowed to prescribe drugs for medical treatment.

Mean salary: $256,930

Obstetricians and Gynecologists

OBGYNs provide medical care related to childbirth and diagnose and treat diseases of the female reproductive organs. They also specialize in women’s health issues like hormone problems, infertility, and menopause.

Mean salary: $278,660

Anesthesiologist

Before, during, or after surgery, anesthesiologists administer anesthetics (which reduce sensitivity to pain) and analgesics (which act as pain relievers).

Mean salary: $339,470

Cardiologists

Cardiologists diagnose and treat conditions of the cardiovascular system.

Mean salary: $423,450

Radiologists

Radiologists use medical imaging techniques, such as x-rays, MRIs, and ultrasounds to diagnose and treat diseases and injuries.

Mean salary: $353,960

Pathologists

A pathologist helps diagnose diseases by running tests on organs, tissue, and bodily fluids, such as blood.

Mean salary: $270,560

Surgeons

Surgeons are medical doctors that may have to perform surgery, a procedure that physically changes a patient’s body.

Mean salary: $409,665

Recommended: Starting (and Keeping) an Emergency Fund

The Takeaway

Being a doctor can be fulfilling, as it allows you to help people through work in the medical sciences. It can also be monetarily rewarding, and understanding average salaries can help you make decisions about where you want to live and what you want to specialize in. Though income varies by speciality, the average salary for physicians in California is $239,200 per year. Whatever you may earn, tracking your money and budgeting wisely can be important steps to financial wellness.

Take control of your finances with SoFi. With our financial insights and credit score monitoring tools, you can view all of your accounts in one convenient dashboard. From there, you can see your various balances, spending breakdowns, and credit score. Plus you can easily set up budgets and discover valuable financial insights — all at no cost.

FAQ

What is a doctor’s yearly salary in California?

In California, a doctor can expect to make $239,200 per year on average, according to data from the U.S. Bureau of Labor Statistics.

What is the highest-paying medical specialty?

Among the highest-paid doctors in California are surgeons and cardiologists.

Who earns more: a dentist or a doctor?

In California, doctors tend to make more than dentists, who earn $170,910 per year on average.

Photo credit: iStock/Drazen Zigic

SoFi Relay offers users the ability to connect both SoFi accounts and external accounts using Plaid, Inc.’s service. When you use the service to connect an account, you authorize SoFi to obtain account information from any external accounts as set forth in SoFi’s Terms of Use. Based on your consent SoFi will also automatically provide some financial data received from the credit bureau for your visibility, without the need of you connecting additional accounts. SoFi assumes no responsibility for the timeliness, accuracy, deletion, non-delivery or failure to store any user data, loss of user data, communications, or personalization settings. You shall confirm the accuracy of Plaid data through sources independent of SoFi. The credit score is a VantageScore® based on TransUnion® (the “Processing Agent”) data.

*Terms and conditions apply. This offer is only available to new SoFi users without existing SoFi accounts. It is non-transferable. One offer per person. To receive the rewards points offer, you must successfully complete setting up Credit Score Monitoring. Rewards points may only be redeemed towards active SoFi accounts, such as your SoFi Checking or Savings account, subject to program terms that may be found here: SoFi Member Rewards Terms and Conditions. SoFi reserves the right to modify or discontinue this offer at any time without notice.

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.

This content is provided for informational and educational purposes only and should not be construed as financial 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.

SORL-Q125-048

The demand for dentists, like other health care professionals, is on the rise, partly due to an aging U.S. population and partly due to more attention on dental health with each generation. The aging population is likely to need additional oral care, some of which can include complicated procedures.

By learning about the average tuition costs and ways to pay for dental school, prospective students can figure out if a dental career is the right choice for their future.

Keep reading to learn more on the employment outlook for dentists, ways to pay for dental school, how to pay for dental school without loans, and more.

Employment Outlook for Dentists

The U.S. Bureau of Labor Statistics (BLS) projects there to be a 5% increase in available dentist jobs from 2023 to 2033. Dentists can work in a variety of settings, such as private practice — either on their own or with a partner — or in an outpatient care center, among others.

The median annual salary of a general dentist was $170,910 in 2023. For perspective, the median annual U.S. income in the same year was $65,470.

While dentistry pays well, it also costs a lot to become a dentist. Dental school programs typically take four years to complete after students have already completed a bachelor’s degree. A degree from an accredited dental school will be either a D.D.S. (Doctor of Dental Surgery) or a D.M.D. (Doctor of Dental Medicine).

Individual universities determine which degree is awarded, but they are both approved by the Commission on Dental Accreditation (CODA), a part of the American Dental Association (ADA). Whichever degree a dental graduate is awarded, chances are they may also have hundreds of thousands of dollars worth of student loan debt to contend with after graduation.

How Much Does Dental School Cost?

The range of dental school costs depends on whether a student is in-state (resident) or out-of-state (non-resident), and whether attending a public or private school. In-state public school tuition is typically going to be the least expensive option for most students.

According to the ADA, the average first-year cost of dental school (public or private), including tuition and mandatory fees, in 2023-2024 was $44,608 for residents and $75,163 for non-residents.

The cost difference between public schools and private schools can be substantial. The average resident cost for the first year of a public dental school program was $41,711, while the first-year cost for private dental school was $84,842 in 2023-24. After four years in school, students are looking at an average of $293,900 in debt.

Prospective students can compare the cost of dental schools and then determine how much they are willing to pay for their education. According to the ADA, there are 81 accredited dental schools throughout the United States and 10 in Canada.

Ways to Pay for Dental School

Even though dental school tuition can be expensive, students have options when figuring out how to pay for dental school. Students can explore scholarships, grants, fellowships, and service programs to help pay for dental school.

Federal and private student loans are also an option. After graduating from dental school, some borrowers may consider refinancing their student loans as they pay off dental school debt. Continue reading for more details on paying for dental school.

1. Scholarships and Grants

Scholarships and grants are awards that, in most cases, don’t have to be repaid. For students without the means to pay for tuition and other costs from personal savings, exploring these options may be a good place to start.

Dental schools may offer scholarships and grants to students who meet certain academic standards or who are working towards a certain type of degree, for example. When researching dental schools, prospective students may consider asking financial aid offices about available scholarships and grants.

Along with reaching out to schools, students may want to research scholarships and grants through organizations like the American Dental Association, the American Association of Public Health Dentistry, or the American Dental Education Association. There are also a variety of online scholarship search tools that students can use to find scholarships.

Recommended: What Is a Scholarship & How to Get One?

2. Service Programs

Several service programs can help pay for dental school, including:

•   National Health Service Corps (NHSC): This federal program offers scholarships and loan repayment options to dental students who commit to working in designated Health Professional Shortage Areas (HPSAs) after graduation. Scholarships cover tuition, fees, and living stipends, while loan repayment programs reduce educational debt in exchange for a minimum service obligation of two years.

•   Armed Forces Health Professions Scholarship Program (HPSP): Provided by branches of the U.S. military, HPSP covers full tuition for dental school, offers a monthly living stipend, and may include bonuses. Participants serve as military dentists for a designated number of years after completing their education, gaining valuable clinical experience and leadership training.

•   Indian Health Service (IHS) Loan Repayment Program: This program is aimed at improving dental care access in Native American and Alaska Native communities. Dentists receive up to $40,000 in loan repayment for a two-year service commitment at an IHS or Tribal site. Participants can extend their service for additional loan repayment benefits.

•   Public Health Service Commissioned Corps: This program allows dentists to serve as officers in the U.S. Public Health Service, providing care in federal agencies like the Centers for Disease Control and Prevention (CDC), Bureau of Prisons, or the Food and Drug Administration (FDA). Participants may receive loan repayment assistance and competitive salaries.

•   State-based programs: Many states offer incentives such as scholarships, grants, or loan repayment programs to dental professionals willing to practice in rural or underserved areas. These programs vary by state and may require service commitments ranging from two to five years.

Each program offers financial relief but requires a contractual commitment to serve specific populations or organizations.

3. Federal Student Loans

Completing the FAFSA® (Free Application for Federal Student Aid) form is the first step students should take to determine eligibility for federal financial aid. To fill out the form, they will need to provide personal identification and financial records.

Federal student loans for graduate and professional school students are either Direct Unsubsidized Loans or Direct PLUS Loans. Students may borrow up to $20,500 each year in Direct Unsubsidized Loans, and eligibility is not based on financial need.

If a student has costs in excess of that borrowing limit, they may want to consider a Direct PLUS Loan. Like a Direct Unsubsidized Loan, eligibility for a Direct PLUS Loan is not based on financial need, although a credit check is required.

Students are encouraged to ask the financial aid office at their school about school-based loans that might be available. Some federal funds are offered to schools instead of directly to students and are tied to certain eligibility requirements.

4. Private Student Loans

It’s always recommended that students exhaust all federal student loan options before considering a private student loan. But if there is still a financial need, a private student loan may be the right choice for some students. Private student loans are available from private lenders and are awarded based on factors including your income, credit history, and credit score, among other factors.

Considering Student Loan Refinancing

After graduating, dentists may consider refinancing their student loans to secure a more competitive interest rate or more favorable terms. Refinancing also allows borrowers to combine all their loans into a single loan. This won’t be the right choice for all borrowers because when you refinance federal loans you’ll lose access to any federal benefits — like any loan forgiveness options.

Should you refinance your student loans? The answer is personal and will depend on factors including the amount of student debt you currently have, your credit score, income, and whether you are your income, and whether you are refinancing with or without a cosigner.

Recommended: Student Loan Refinance Guide

5. Employment

Dental school is rigorous, but if students have the time and energy, they may want to consider working to supplement their educational costs. The federal work-study program is available to graduate and professional students with financial need, and has the same eligibility requirements and position availability as it does for undergraduate students. Financial aid offices at individual schools will have information pertaining to this program.

Training grants and fellowships, an option some dental students might find appealing, are sources of funding that often include a stipend and sometimes cover part of a student’s tuition.

These programs are designed to further a student’s education in a specific research area that interests them. They differ from simple grants in that there is a work component to them.

The Takeaway

Dental school can be expensive but can lead to a fulfilling and lucrative career. When determining how to pay for dental school, students can explore dental school scholarships, grants, federal student loans, and private student loans.

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

FAQ

How do students afford dental school?

Students afford dental school through a combination of federal and private student loans, scholarships, grants, and work-study programs. Some seek financial aid through military service or dental school repayment programs. Budgeting, saving, and seeking loan forgiveness options also help manage the significant costs associated with dental education.

Does FAFSA cover dental school?

Yes, FAFSA can cover dental school by determining eligibility for federal financial aid, including Direct Unsubsidized Loans and Grad PLUS Loans. While FAFSA doesn’t directly pay for dental school, it provides access to federal loans and grants, helping students finance their education and manage costs effectively.

Is it possible to go to dental school for free?

It is possible to attend dental school for free through scholarships, grants, and service-based programs. Options include military scholarships, school-specific awards, and programs like the National Health Service Corps, which cover tuition in exchange for service commitments in underserved areas after graduation. Financial aid opportunities vary by eligibility.

About the author

Kylie Ora Lobell

Kylie Ora Lobell is a personal finance writer who covers topics such as credit cards, loans, investing, and budgeting. She has worked for major brands such as Mastercard and Visa, and her work has been featured by MoneyGeek, Slickdeals, TaxAct, and LegalZoom. Read full bio.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

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SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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.

Why You Need a Nursing Budget

It’s an interesting time to be a nurse. On one hand, staffing shortages and burnout worsened during the pandemic, and the nursing shortage is expected to continue to grow until 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 latest figures from the American Association of Colleges of Nursing (AACN), roughly 70% of nurses take out nursing student loans to pay for school, and the median student loan debt is between $40,000 and $55,000.

On the plus side, nurses have some leverage. The profession is in such high demand right now that some hospitals are offering incentives like sign-on bonuses, shorter 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 2023 was $86,070. The median income for a licensed practical nurse or licensed vocational nurse was $59,730. The median income for a nurse anesthetist, nurse midwife, or nurse practitioner — fields that typically require a master’s degree — was $129,480 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 is 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 things like saving $2,000 in your bank account, paying off your student loans, or investing 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 that divides your budget into different categories: 50% for essential expenses like rent, utilities, food, car payments, and debt payments; 30% for discretionary expenditures such as eating out, travel, and shopping; and 20% for goals like saving for a home, your child’s education, and retirement. There’s also the envelope budgeting system, which has you put cash monthly into envelopes for each spending category like 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 nurse 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 that you end up spending more money on takeout.

In addition, as a nurse, you may decide to pursue an advanced degree like a master’s to move up the ladder and earn more money. That could mean taking out new 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 different 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.”

In fact, 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 like 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, like 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, like money market funds, short-term bonds, 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 2024, the amount is $23,000; if you’re 50 or older, you can contribute up to an additional $7,500, for a total of $30,500. In 2025, you can contribute up to $23,500 to a 401(k), and if you’re 50 or older, you can contribute an extra $7,500, for a total contribution of $31,000.

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 can consider a traditional IRA or Roth IRA. Both can offer tax advantages.

Contributions made to a traditional IRA are tax-deductible, and no taxes are due until you withdraw the money. Contributions to a Roth IRA are made with after-tax dollars; your money grows tax-free and you don’t pay taxes when you withdraw the funds in retirement. However, there are limits on how much you can contribute each year and on your income. In 2024 and 2025, you can contribute up to $7,000 to an IRA annually with an additional $1,000 for individuals 50 and up.

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, 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 used for qualified 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, for example, you can 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 a student loan deferment or forbearance. Both options temporarily suspend your payments, but interest will continue to accrue and add to your total balance.

You can 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 can look into the Public Service Loan Forgiveness Program to see if you qualify.

Chipping away at a 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, from highest to lowest. With the snowball approach, you pay off the smallest balance first and then work your way up to the highest 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.

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, like the current pause on payment and interest or 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 are 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 like refinancing, you can start to pay down your loans—and reach your financial goals.

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.

Photo credit: iStock/FatCamera

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).

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