Examining How Student Loan Deferment Works

Examining How Student Loan Deferment Works

With mass student loan forgiveness blocked by the Supreme Court, you may be curious about what other forgiveness or deferment options are available for students with federal — or private — student loans.

Federal loans do allow you to stop or reduce your payments in some circumstances, such as financial hardship, for up to three years — which is known as deferment. Deferment on private student loans varies by lender, and not all lenders offer it.

One thing you generally don’t want to do — simply stop making payments on your student loan. Whether your loans are federal or private, this puts you at risk of default, which can have a number of negative consequences.

Read on to learn more about student loan deferment, including what it is, how it works, its pros and cons, plus some alternative ways to get student debt relief.

What Is Student Loan Deferment?

Student loan deferment allows qualified applicants to reduce or stop making payments on their loans for up to three years. If you have a subsidized federal loan, no interest accrues during the deferment period. If you have an unsubsidized federal loan, interest will accrue and will be added to the loan amount (or capitalized) at the end of the deferment period.

Deferments are available on federal loans including Direct Loans, FFEL Program loans, and Perkins Loans.

Private student loans may or may not offer deferment options to borrowers. If you have questions about your private student loan, you’ll want to check in with your lender directly.

How Does Student Loan Deferment Work?

If you have a federal student loan and are no longer in school at least half-time, you will need to apply to defer payments on your student loan. This usually involves submitting a request to your student loan servicer. You will also likely need to provide documentation to show that you meet the eligibility requirements for the deferment (more on eligibility requirements below).

If you have an unsubsidized federal student loan and are granted deferment, interest will continue to accrue during the deferral period. You will have the option to either pay the interest as it accrues or allow it to accrue and be capitalized (added to your loan principal balance) at the end of the deferment period.

Deferments are available on federal loans including Direct Loans, FFEL Program loans, and Perkins Loans.

If a private lender offers deferment, they will likely have their own forms and requirements.

Why Defer Student Loans

Applying for deferment may make sense if you are facing short-term difficulty paying your student loans, since a deferment can provide you with the opportunity you need to stay afloat financially. And, if you have a subsidized loan, deferment won’t make your loan any more expensive in the long run.

Deferring student loans also won’t directly impact your credit score.

Why Not Defer Student Loans

If you’re able to stay on top of your loan payments, then deferment likely doesn’t make sense. If you think that you may have long-term difficulty making your monthly loan payments, deferment may not be the best option either.

If you have an unsubsidized federal loan, interest will continue to accrue during deferment. At the end of the deferment period, this interest will be capitalized on the existing loan amount (or the principal loan value). Moving forward, interest will be calculated based on this new total. So essentially, you are accruing interest on top of interest, which can significantly increase the amount of interest owed over the life of the loan.

Pros and Cons of Student Loan Deferment

Student loan deferment can help borrowers who are struggling financially, but it may not be the right choice for everyone. Here are some pros and cons to consider when evaluating deferment options for federal student loans.

Pros

Cons

Borrowers are able to temporarily suspend or lower the monthly payments on their student loans. On most federal student loans, interest continues to accrue. This may significantly increase the total cost of borrowing over the life of the loan.
Borrowers may qualify for deferment for periods of up to three years. Because interest may continue to accrue during deferment, other options like income-driven repayment plans, may be more cost- effective in the long term.

Types of Student Loan Deferment

For federal student loans, there are a few different deferment options . Here are the details on some of the most common reasons borrowers apply for deferment.

In-School Deferment

Students who are enrolled at least half-time in an eligible college or career program may qualify for an in-school deferment. If you are enrolled in a qualifying program at an eligible school, this type of deferment is generally automatic. If you find the automatic in-school deferment doesn’t kick in when you are enrolled at least half-time in an eligible school, you can file an in-school deferment request form .

Unemployment Deferment

Those currently receiving unemployment benefits, or who are actively seeking and unable to find full-time work, may be able to qualify for unemployment deferment. Borrowers can receive this deferment for up to three years.

Economic Hardship Deferment

This type of deferment may be an option for those borrowers who are receiving merit-tested benefits like welfare, who work full time but earn less than 150% of the poverty guidelines for your state of residence and family size, or who are serving in the Peace Corps.

Economic hardship deferments may be awarded for a period of up to three years.

Military Deferment

Members of the U.S. military who are serving active duty may qualify for a military service deferment. After a period of active duty service, there is a grace period in which borrowers may also qualify for federal student loan deferment.

Cancer Treatment Deferment

Individuals who are undergoing treatment for cancer may qualify for deferment. There is also a grace period of six months following the end of treatment.

Other Types of Deferment

There are other situations and circumstances in which borrowers might be able to apply for deferment. Some of these include starting a graduate fellowship program, entering a rehabilitation program, or being a parent borrower with a Parent PLUS Loan whose child is enrolled in school at least half-time.

Consequences of Defaulting on Federal Student Loans

If you simply stop making payments as outlined in your loan’s contract, you risk defaulting on your student loan. Default timelines vary for different types of student loans.

Most federal student loans enter default when payments are roughly nine months, or 270 days, past due. Federal Perkins loans can default immediately if you don’t make any scheduled payment by its due date.

•   Immediately owing the entire balance of the loan

•   Losing eligibility for forbearance, deferment, or federal repayment plans

•   Losing eligibility for federal student aid

•   Damage to your credit score, inhibiting your ability to qualify for a car or home loan or credit cards in the future

•   Withholding of federal benefits and tax refunds

•   Garnishing of wages

•   The loan holder taking you to court

•   Inability to sell or purchase assets such as real estate

•   Withholding of your academic transcript until loans are repaid

Consequences of Defaulting on Private Student Loans

The consequences for defaulting on private student loans will vary by lender but could include repercussions similar to federal student loans, and more, including:

•   Seeking repayment from the cosigners of the loan (if there are any cosigners)

•   Calls, letters, and notifications from debt collectors

•   Additional collection charges on the balance of the loan

•   Legal action from the lender, such as suing the borrower or their cosigner

To avoid these negative consequences, one option for borrowers struggling to pay federal student loans is deferment.

Who Is Eligible for Student Loan Deferment?

To be granted a deferment on federal loans, borrowers need to meet certain criteria.

You may be eligible if you’re:

•   Enrolled at least part-time in college, graduate school, or a professional school

•   Unable to find a full-time job or are experiencing economic hardship

•   On active military duty serving in relation to war, military operation, or response to a national emergency

•   In the 13-month period following active duty

•   Enrolled in the Peace Corps

•   Taking part in a graduate fellowship program

•   Experiencing a medical hardship

•   Enrolled in an approved rehabilitation program for the disabled

Borrowers who re-enroll in college or career school part-time may find that their federal student loans automatically go into in-school deferment with a notification from their student loan provider.

Loans may also keep accruing interest during deferment — depending on what kind of federal student loans the borrower holds. Borrowers are still responsible for paying interest if they have a:

•   Direct Unsubsidized (Stafford) Loan

•   Direct PLUS Loan

If you don’t pay the interest during the deferment period, the accrued amount is added to your loan principal, which increases what you owe in the end.

Recommended: Student Loan Deferment in Grad School

What if You Have Private Student Loans?

Private lenders aren’t required to offer deferment options, but some do. For example, some might allow you to temporarily stop making payments if you:

•   Lose your job

•   Experience financial hardship

•   Go back to school

•   Have been accepted into an internship, clerkship, fellowship, or residency program

•   Face high medical expenses

Typically, even while a private student loan is in deferment, the balance will still accrue interest. This means that in the long term, the borrower will pay a larger balance overall, even after the respite of deferment.

In most cases, even with accrual of interest, deferment is preferable to defaulting. Borrowers with private loans could contact the lender to ask what options are available.

The Limits of Student Loan Deferment

Keep in mind that deferment is not a panacea. By definition, it’s temporary. Federal student loan borrowers will ultimately need to go back to making payments once they are no longer deferment-eligible. For example, a borrower’s deferral might end if they leave school, even if their ability to pay has not improved.

Federal loans can only be deferred due to unemployment or financial hardship for up to three years. With private loans, there may not be an option to defer at all, and if it is an option, the limit may be no more than a year.

Other Options for Reducing Federal Student Loan Payments

Besides student loan deferment, you have other choices if you can’t afford the total cost of your monthly payments. Here’s a look at some alternatives to deferment.

Income-Driven Repayments

For a longer-term solution, you may want to consider signing up for an income-driven repayment plan.

If you qualify, you may be able to reduce your monthly payment based on your income. Enrolling in an income-driven repayment plan won’t have a negative impact on your credit score or history. On certain income-driven repayment plans, student loan balances can be forgiven after 20 or 25 years, depending on the payment plan that the borrower is eligible for.

With an income-driven repayment plan, your monthly payment is based on your total discretionary income. That means if you change jobs, or see a significant increase in your paycheck, you’ll be expected to pay a higher monthly bill on your student loan payment.

Forbearance

Student loan forbearance is another way to suspend or lower your student loan payments temporarily during times of financial stress, typically for up to 12 months. Generally, forbearance is not as desirable as deferment, since you will be responsible for accrued interest when the forbearance period is over no matter what type of federal loan you have.

When comparing deferment vs. forbearance, you’ll want to keep in mind that there are two types of forbearance for federal student loan holders: general and mandatory.

General student loan forbearance is sometimes called discretionary forbearance. That means the servicer decides whether or not to grant your request. People can apply for general forbearance if they’re experiencing:

•   Financial problems

•   Medical expenses

•   Employment changes

General forbearance is only available for certain student loan programs, and is only granted for up to 12 months at a time. At that point, you are able to reapply for forbearance if you’re still experiencing difficulty. General forbearance is available for:

•   Direct Loans

•   Federal Family Education Loan (FFEL) Program loans

•   Perkins Loans

Mandatory forbearance means your servicer is required to grant it under certain circumstances. Reasons for mandatory forbearance include:

•   Serving in a medical residency or dental internship

•   The total you owe each month on your student loan is 20% or more of your gross income

•   You’re working in a position for AmeriCorps

•   You’re a teacher that qualifies for teacher student loan forgiveness

•   You’re a National Guard member but don’t qualify for deferment

Similar to general forbearance, mandatory forbearance is granted for up to 12 month periods, and you can reapply after that time.

Another Option to Consider: Refinancing

Depending on your personal financial circumstances, another long-term solution could be student loan refinancing. This involves applying for a new loan with a private lender and using it to pay off your current student loans. Qualifying borrowers may be able to secure a lower interest rate or the option to lengthen their loan’s term and reduce monthly payments. Note that lengthening the repayment period may lower monthly payments but will generally result in paying more interest over the life of the loan.

Refinancing could be a good option for borrowers with strong credit and a solid income, among other factors. Unlike an income-driven repayment plan, your monthly payment wouldn’t change based on your income. If you aren’t able to qualify for student loan refinancing on your own, you may be able to apply for refinancing with a cosigner.

Either way, you’ll want to keep in mind that refinancing federal student loans with a private lender means you no longer have access to any federal borrower protections or payment plans. So, if you are taking advantage of things like income-driven payment plans or deferment, you likely don’t want to refinance. But for other borrowers, student loan refinancing might be a useful solution.

If you have more than one student loan, refinancing could also simplify your repayment process.

The Takeaway

If you take out a federal student loan and at some point need to pause or reduce your payments, you may be able to qualify for deferment, forbearance, or an income-driven repayment plan. Each option has its pros and cons.

If you’re considering a private student loan (or refinancing your federal loans), keep in mind that private loans don’t come with government-sponsored protections like forbearance and deferment don’t apply. However, private lenders may offer hardship and deferment programs of their own.

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.

Deferment FAQ

How long can you defer student loans for?

Depending on the type of deferment you are enrolled in, federal loans can be deferred for up to three years. Private student loans may not offer an option to defer payments, and if they do, the limit will be set by the individual lender.

Why would you defer student loans?

Deferment can be helpful if you are facing a temporary financial hurdle, because they allow you to pause or reduce your payments for a period of time.

Are there any reasons not to defer student loans?

Most loans will continue to accrue interest during periods of deferment. When the deferment is over, this accrued interest is then capitalized on the loan. This means it’s added to the existing value of the loan. Moving forward, interest is charged based on this new total. This can significantly impact the total amount of interest that a borrower has to pay over the life of a loan.


SoFi Student Loan Refinance
If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.


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


SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.


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.

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.

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Tips for Taking Online Classes Successfully

Online college college classes give you the flexibility to study from anywhere — your bedroom, home office, or even a coffee shop. Having the option to take some (or all) of your classes online can also make it easier to balance school with other commitments, such as a full-time job or family responsibilities.

However, online learning also comes with some challenges. It can be difficult to focus if you’re not in an actual classroom. Plus, virtual learning can make it harder to make connections with professors and other students at the school.

Read on for a closer look at how online classes work, their pros and cons, and how to make the most of virtual learning.

Types of Online Classes

There are two main types of online classes. Here’s a closer look at each.

Hybrid Approach

A hybrid course is a mix of in-person instruction and remote learning. The exact schedule will vary by school, class, and instructor, but may include several hours of live or prerecorded virtual learning per week with one in-person session. For example, a chemistry course could include virtual learning and in-person lab work.

Hybrid courses offer the benefits of remote learning without fully abandoning in-person instruction, making it a prime choice for students concerned that online classes may not meet their needs.

Exclusively Virtual

Classes that are all virtual never meet in person. Instruction is given through live webinars, prerecorded video, and physical or digital material.

Depending on the format of the course, students can fit sessions into their schedule as they see fit, an option not provided by a hybrid or traditional class.


💡 Quick Tip: Fund your education with a low-rate, no-fee SoFi private student loan that covers all school-certified costs.

Benefits and Potential Pitfalls of Virtual Courses

While virtual learning is ideal for some students, it may be frustrating for others. Here’s a look at some of the pros and cons of taking college courses online.

Pros of Online Courses

Flexibility: The ability to learn whenever and wherever can be a huge advantage for a student with a hectic schedule. Though there are still deadlines and due dates to abide by, learning can typically take place around work, social commitments, and personal preferences. While some courses may include live remote sessions, they’re typically recorded and available for students to view at a later time.

Real-life experience: Online courses tend to put more responsibility on the student. Learning how to prioritize instruction in a flexible schedule can help prepare students for careers.

Potential savings: If a course was designed to be taught in person but has recently been adapted for online instruction, a discount may not be available. But for courses originally built for virtual learning, students often find they can save on the average credit cost. An online degree might also have a condensed schedule. allowing you to get your degree faster.

There are other savings to consider. With online instruction, students generally don’t have to worry about paying for parking, gas, or lunch on the go. Plus virtual learning can allow you to pursue an education while working full or part time, an option not always available to in-person students.

Recommended: How to Pay for Online College

Potential Cons of Online Courses

Minimal social benefits: One potential downside to taking a class online is lack of personal interaction. You might find it harder to ask the teacher questions and make connections with fellow students. And, some students simply respond better to in-person vs. online learning, and might struggle to concentrate when learning virtually.

A lack of professional networking: Students often discover opportunities to build relationships with professors and assistants that can lead to careers. Virtual learning makes these relationships more difficult to find and develop.

Scheduling conflicts: While the flexibility of online classes can be appealing, it can create scheduling conflicts. If you are challenged by time management, you may find yourself procrastinating and struggling to manage your workload along with other everyday responsibilities.

Tips for Online Classes

Here are some words to the wise for taking online courses, for both newbies and experienced virtual students.

•   Respect the course. Do you suspect that an online course has less value than in-person instruction? The educational value is the same. It’s just being delivered in a different fashion.

•   Think about time management. Even experienced virtual students can often improve their time management skills. Review the syllabus at the start of the semester, note major assignments, and look for potential conflicts.

•   Try to avoid distractions. When taking online courses, it might be best not to set up in front of the TV, as tempting as it may be. Consider cobbling together a home office that blocks distractions and creates a productive environment.

•   Participate. While an online class can be an introvert’s dream, there are still opportunities to participate. Many online courses offer a forum for students and instructors to discuss course materials, comment on one another’s work, and ask questions as needed.


💡 Quick Tip: Need a private student loan to cover your school bills? Because approval for a private student loan is based on creditworthiness, a cosigner may help a student get loan approval and a lower rate.

Funding the Virtual Voyage

Even though some online classes and degree programs can be more affordable than their in-person counterparts, tuition costs may still come with sticker shock. Depending on the school and online program you’re looking to enroll in, however, you may have the following options to help fund your college education.

Paying à la Carte

Online courses are often designed to fit a working student’s schedule (though being employed certainly isn’t a requirement). In some cases, you may be able to pay for classes as you go. In others, the school may also offer a payment plan, allowing you to make monthly payments over time to cover the cost of your online degree.

Federal Loans

By filling out the Federal Application for Federal Student Aid (FAFSA), you will find out if you are eligible for federal student aid, including grants (which you don’t have to pay back) and loans (which you do).

With federal subsidized student loans, you won’t start accruing interest until six months after you graduate. With unsubsidized federal loans, interest begins to accrue as soon as the funds are dispersed (though you can defer making any payments until six months after you graduate). Federal student loans don’t require a credit check and come with a relatively low, fixed interest rate set by the government.

Private Loans

If there are still gaps in funding, you may also want to explore private student loans. These are available through private lenders, including banks, credit unions, and online lenders, and do require a credit check. If you don’t have much credit history or income, you will likely need a cosigner. Rates may be fixed or variable, and are set by the lender. Borrowers with excellent credit tend to qualify for the lowest rates.

A private loan can cover up to 100% of the cost of school-certified attendance, both for in-person and online courses. Keep in mind, though, that federal student loans offer benefits, like income-based repayment plans and Public Service Loan Forgiveness, that are not guaranteed by private lenders.

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


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


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


SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.


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.

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20 of the Most Popular College Majors

After studying for standardized tests, applying to schools, and leaving home for college, it may feel like the big decisions are over. Getting to campus is an achievement any student should be proud of, but starting a four-year degree comes with its own share of choices.

Top among them is picking a college major. Declaring a major is a personal process based on a student’s interests, strengths, and projected career track. But simply browsing the course catalog to search for the right major is enough to make even the most assured student’s head spin.

[For many undergraduates, choosing a major is intimidating, especially when colleges and universities offer dozens or even hundreds of options. Researching the most popular majors can help undecided students narrow their selection and find the best majors for their interests and professional goals.]

A Major List

While popularity doesn’t need to drive which major you choose, diving into the data on popular college majors can illuminate trends and provide a jumping-off point for college students who just can’t decide how to declare.

Based on Niche’s top majors , ranked by the number of degrees awarded, here’s what students are studying at U.S. colleges and what career tracks they can expect when they leave campus.


💡 Quick Tip: Fund your education with a low-rate, no-fee SoFi private student loan that covers all school-certified costs.

Business and Management

Major Description: An all-encompassing term, business and management programs provide a baseline of business principles, which include critical thinking and analysis. Courses include Accounting, Business Ethics, Team Development, and Human Resources.

Job Opportunities: This broad major provides lots of postgrad directions. It can take graduates on an MBA track or can feed directly into the job market with roles in accounting, marketing, sales, account management, or financial analysis.

Recommended: Return on Education for Bachelor’s Degrees

Nursing

Major Description: There are many pathways to a nursing education. From certifications to master’s degrees, nursing course loads include everything from Anatomy and Chemistry to Statistics and care for specific populations.

Job Opportunities: The demand for nurses is growing as the industry faces a shortage of qualified hires. Graduates with a nursing degree can choose from a variety of career tracks, from being a school nurse or research nurse to working on a cruise ship or in the emergency room.

Psychology

Major Description: Psychology is the deep dive into human behavior and what drives us. A degree in psychology can be a Bachelor of Science or a Bachelor of Arts, depending on the course load. Areas of study include learning, memory, development, addiction, and childhood development.

Job Opportunities: A bachelor’s degree in psychology could mean heading to a master’s program or a doctorate, or it could lead to immediate employment in fields like marketing, teaching, or human resources.

Biology

Major Description: Biology is the study of living things, so biology majors can expect to spend plenty of class time in the lab, learning everything from human anatomy to molecular biology. It’s a mix of math, science, chemistry, and, of course, biology.

Job Opportunities: Some biology majors may choose the medical school track after graduation, but that’s not the only path to employment. Biology majors can pursue careers in pharmaceuticals, research, genetics, medicine, and even finance (thanks to a background in math and research).

Engineering

Major Description: A degree in engineering means having the critical thinking skills to solve problems. Engineering majors, embodying a mix of math, science, and business, can choose specific areas of study, from the environment to structural mechanics and chemicals.

Job Opportunities: From the laboratory to a construction site or hospital, engineers have a wide variety of career tracks to choose from. Much of this will be informed by a student’s specific area of study. A structural or civil engineer might work on state building projects, while a chemical engineer is more likely to be found in the lab, perfecting everything from medicine to cosmetics.

Recommended: Computer Science vs. Computer Engineering: What’s the Difference?

Education

Major Description: A degree in education includes studying psychology, education, and often an area of expertise (what the student will teach after graduation).

Job Opportunities: A degree in education doesn’t always mean a teaching career. Besides teaching, graduates can go into a variety of industries that support the education system, including school administration, counseling, education policy, or student life.

Recommended: What is a TEACH Grant and How Do You Get One?

Communications

Major Description: Communications is an umbrella term for the study of media and information, from journalism to social media and public relations. Classes a communications major might take are News Writing, Mass Communications, Film Studies, and Social Media.

Job Opportunities: What graduates will do with a communications degree will hinge on the type of media they studied in school. A student who concentrates in visual media might work as a video producer or camera operator. One who studied journalism might work in public relations or technical writing.

Finance and Accounting

Major Description: Finance and accounting deal with the scrutiny of numbers. Finance often focuses on the longer term — like financial planning and budgeting. Accounting can involve more short-term money matters, like analyzing financial statements. Both degrees involve studying math, business, finances, and investments.

Job Opportunities: With a degree in finance or accounting, it’s only natural to pursue a role that deals with math and/or money. Accounting majors can pursue careers in accounting, bookkeeping, or auditing. Finance can lead to roles as an advisor, planner, or analyst in the finance space.

Recommended: Ca$h Course: A Student’s Guide to Money

Criminal Justice

Major Description: For those interested in the law, majoring in criminal justice might be a good fit. This major explores not only the legal system but also the psychological study of crime, sociology, and public policy.

Job Opportunities: After graduation, many criminal justice majors will pursue law school, but that’s not the only option. Graduates can also explore law enforcement or counseling.

Anthropology and Sociology

Major Description: Anthropology and sociology are inherently the study of people — the exploration of race, gender, and geography’s influence on societies, blending the study of history with modern analysis.

Job Opportunities: Graduates may work in the research field or medical anthropology. Additionally, they may find work at the federal level, where anthropologists are often required for major projects.

Computer Science

Major Description: Computer science is the study of data, engineering, and the systems surrounding computers. A major in computer science means a steady mix of math classes and software engineering or programming courses.

Job Opportunities: The Bureau of Labor Statistics anticipates the need for computer science jobs to grow by 21% percent from 2021 to 2031, much faster than the average for all occupations. The median annual salary for computer science jobs was $131,490 in 2021 (the most recent year they have data for). Graduates can explore software development, information technology, or network security.

English

Major Description: An English major explores everything about the written word, including genres of literature and interpretation. English majors also learn critical thinking and the ability to write, whether that be technical, creative, legal, or medical writing.

Job Opportunities: Because many jobs include a solid foundation in reading and writing, an English degree can apply across many fields. Graduates might go into teaching, writing (journalist, copywriter, author), communications, or public relations.

Economics

Major Description: Economics combines the study of people with statistics to learn how government and groups develop around resources, typically money. Students will study economic theory, the history of economics, and the math that’s behind much of the statistical monitoring.

Job Opportunities: Graduates can take a variety of roles, thanks to the analytic skills of their major. That, on top of learned communication skills, makes economics majors a good fit for roles like analysts, consultants, and actuaries.

Political Science

Major Description: Political science is the study of governing, including theory, history, and current practices. This area of study requires students to follow current events as well as analyze and research past actions.

Job Opportunities: Studying political science can lead to a job in politics, but there are other options as well. The critical thinking skills lend themselves well to PR and social media management, as well as policy work or analysis.

History

Major Description: History majors analyze the past. A core part of a liberal arts degree, studying history may be a good fit for students who want a generalist education.

Job Opportunities: History majors perfect a lot of skills that come in handy in the workplace. Strong writing, reading, and analytical skills make them a great fit for roles like analyst or consultant, or a career in politics.

Recommended: The Ultimate Guide to Liberal Arts Colleges

Kinesiology/Physical Therapy

Major Description: Kinesiology is the study of physical activity. Specifically, it’s working with people to improve their health through exercising. A degree in kinesiology involves anatomy, hands-on work, and learning to work with patients.

Job Opportunities: For many, a degree in kinesiology is the foundation for a doctorate in physical therapy, but graduates can also apply their skills to careers in training, coaching, and some forms of therapy.

Health Professions

Major Description: This major will prepare students to work in the medical field, helping patients. They can expect to take classes in anatomy, chemistry, biology, public health, and medical ethics.

Job Opportunities: Graduates can find careers as health care aides, nursing assistants, and RNs.

Art

Major Description: Studying art creates the opportunity to both learn the history of a medium and create art. Students may choose a specific form of art or study movements and mediums in general.

Job Opportunities: Grads don’t have to turn to creating art full time unless they want to. They can work as art educators, in museums and art preservation, or try their hand in the work of gallery curation.

Math

Major Description: Students majoring in math will explore all math disciplines, in addition to theoretical and historical context around the subject.

Job Opportunities: A math degree is helpful in any career that deals with interpreting numbers daily: actuary, data scientist, teacher, or software developer.

Environmental Science

Major Description: Studying environmental science can be a great fit for generalists who want to explore many subjects around our surroundings and the science involved. They’ll study chemistry, biology, physics, and geography, among other subjects.

Job Opportunities: Graduates can pursue careers in research in fields including horticulture, oceanography, microbiology, and ecology.


💡 Quick Tip: Would-be borrowers will want to understand the different types of student loans that are available: private student loans, federal Direct Subsidized and Unsubsidized loans, Direct PLUS loans, and more.

Paying for College

Another major decision in the college process? Finding a way to pay for school.

Whatever you decide to major in (and whichever school you end up going to), a great first step to figure out college funding is to complete the Free Application for Federal Student Aid (FAFSA). This will let you know if you are eligible for any federal aid, which may include grants, scholarships, work-study, and federal student loans.

To fill in any gaps in funding, you may also want to explore private student loans. These are available through banks, credit unions, and online lenders. Rates and terms vary by lender but borrowers (or cosigners) with excellent credit typically qualify for the lowest rates.

Just keep in mind that private student loans may not offer borrower protections, such as deferment and income-driven repayment plans, that come with federal 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.


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


SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.


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


Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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.

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Is it Possible to Take Online Classes While Working?

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

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

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

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

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

Pros of Taking Online Classes

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

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

Having a Flexible Schedule

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

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

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

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

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

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

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

Maintaining Location Independence

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

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

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

Possibly Lower Living Expenses

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

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


💡 Quick Tip: Private student loans offer fixed or variable interest rates. So you can get a loan that fits your budget.

Cons of Taking Online Classes

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

Not Every Degree or Major is Available

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

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

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

Recommended: Return on Education for Bachelor’s Degrees

Limited Networking Opportunities

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

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

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

Strategies for Taking Online Classes

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

Making a Schedule and Sticking to It

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

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

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

Starting Small

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

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

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

Setting Goals and Rewarding Progress

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

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


💡 Quick Tip: Would-be borrowers will want to understand the different types of student loans that are available: private student loans, federal Direct Subsidized and Unsubsidized loans, Direct PLUS loans, and more.

Paying for Online Classes

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

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

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

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

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

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


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


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


SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.


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.

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A Guide to Making Friends in College

College is a great place to make lifelong friends. In college, students bond over shared interests, have fun times together, and help each other through some challenging times, cementing bonds that can last for years after graduation.

When you first arrive on campus, however, making friends in college can seem intimidating. Exactly where and how do you meet people? It can feel especially challenging if you go to a large school or you’re in unfamiliar territory, like a college that’s far away from home.

Don’t stress. Making friends in college can be easy. The key is to get involved early on, put yourself out there, and always try to be your true self.

Here are some ways you can go about making friends in college.

Hang Out With Your Roommates

Whether you chose your roommate or went with a random pairing, you may or may not have a lot in common with this individual, at least from the outside. Nevertheless, it can be a good idea to try to forge a connection with your roommate. This will not only make your living situation more enjoyable, but you’ll be able to turn to your roommate when you need support.

You can bond with your roommate by cooking meals, watching favorite shows, and studying together. It can also help to be considerate and respectful of your roommate by not making too much noise late at night or early in the morning, cleaning up after yourself, and chipping in for shared supplies. By respecting your roommate’s boundaries and establishing ground rules for the room, you’ll be more likely to have a good relationship, and perhaps even become good friends, with your roommate.


💡 Quick Tip: Fund your education with a low-rate, no-fee SoFi private student loan that covers all school-certified costs.

Join a Fraternity or Sorority

If you join a fraternity or a sorority, you’ll have the opportunity to make a lot of new friends. While some fraternities and sororities may have bad reputations because of their hazing practices and emphasis on parties, many focus on philanthropy and building friendships instead.

Just keep in mind that joining Greek life can cost $100 to $1,000 per semester, since you are generally required to pay fees or dues. The cost will vary depending on the school and chapter you join, and there may also be additional fees for first-year membership.

You’ll also need to apply to get into a sorority or fraternity and go through a recruitment process to ensure it’s going to be a good fit. Then, if you’re accepted, you will typically live with your fraternity or sorority in a house on campus and socialize and volunteer with them on a regular basis.

Recommended: 11 Strategies for Paying for College and Other Expenses

Get Involved in Clubs

Another easy way to make friends in college is to join a club. At the beginning of the school year, colleges will typically have club fairs, where club leaders set up booths and give information about their clubs to incoming freshmen and transfer students. This is where you can learn more and sign up for an initial meeting.

Some of the various types of clubs you can join include religious, political, academic, cultural, media, and community service clubs. For instance, students can join the school paper, radio or TV station, participate in math and science groups, join an on-campus religious group, find the school’s Republican and Democrat clubs, and volunteer at local animal rescue organizations or homeless shelters.

If you can’t find clubs you’re interested in, you may be able to start one of your own. You’ll likely have to go to the proper office on campus and follow the guidelines for establishing a new club.

Recommended: How to Get Involved on Campus in College

Find Study Buddies in Your Classes

Another avenue for making friends in college is through your classes. You might start or sign up for a study group, which allows students in the same class to do homework and study for tests together. If you make a connection with another student in a study group, you might suggest hanging out after the group is over or meeting up for a coffee or meal on campus another time.

Sign Up for Sports

One of the ways that many students go about making friends in college is by joining a sports team or an intramural sports club on campus. The sports teams are for athletes who are interested in playing on schools’ official teams, while intramural sports clubs are just for fun. Schools offer a variety of different sports like basketball, football, soccer, golf, tennis, and swimming. You can check out the campus life and sports section of your school’s website and look into the options.

Audition for the School Play

Theater clubs or the theater department on campus may hold auditions for school plays. You might consider auditioning for a part and making friends with the cast and crew members during rehearsal. Putting on a play can be a strong bonding experience, allowing you to cultivate lasting friendships.

Recommended: 10 Ways to Prepare for College

Go to Campus Events

Schools are always putting on events. This might include concerts, talent shows, guest speaker series, music festivals, stand-up comedy, and more. You might ask acquaintances to go to an event and/or meet new friends there. If the event is crowded, you might need to be a little more outgoing and start up conversations with the people nearby in order to (hopefully) make friends.

Connect With Other Student Workers

If you have a job or internship on campus, you might try to strike up conversations with your colleagues, as long as it doesn’t interfere with your work. Some places students may work on campus include the college’s admissions office, the endowment office, the dining hall, the coffee shop, the art museum, and the library.

Recommended: Am I Eligible for Work-Study?

Go to Social Gatherings

If your roommates or friends are holding a social gathering or going off campus to check out a local movie theater or restaurant, consider tagging along. This can be a great way to strengthen the bonds you already have, as well as meet new people. Just keep in mind that while parties can be fun, they can also distract from schoolwork and you could end up with lower grades if you are partying too often.

Recommended: The Ultimate Guide to Studying in College

Ask People to Hang Out One-on-One

Whenever you meet potential new friends in classes or through clubs, consider inviting them to hang out one-on-one to get to know them better. For example, you might ask them out for coffee or a meal, to an on-campus concert or show, to work out at the gym, or to a sports game. While this involves putting yourself out there, the rewards of making a new friend can be well worth the risk that they’ll say “no.”

The Importance of Being Yourself When Making Friends in College

Although you may be worried about making new friends in college, you generally don’t want to change your personality or hide who you really are in order to fit in. It may be a little tough at first, but by joining clubs you’re interested in and finding people who accept you for who you are, you could make lifelong friends. It can take some time and might not always happen within the first semester. However, you’ll want to keep trying to meet and connect with new people throughout your four years at college.


💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too. You can submit it as early as Oct. 1.

Affording College

College is where you can set yourself up for professional success as well as make wonderful new friends. However, if you don’t know how you’ll pay for it, you might feel even more anxiety before embarking on this exciting next step in your life.

Fortunately, there are a number of ways to cover the cost of attending college, including grants, scholarships, work-study programs (which are also great for making friends), and subsidized and unsubsidized federal loans. If you get your financial aid letter and still have gaps in funding, you might also consider a private student loan.

Private loans are available through banks, credit unions, and online lenders. Unlike federal student loans, they require a credit check. However, if you have solid credit (or can recruit a cosigner who does), you may be able to qualify for a competitive interest rate. Just keep in mind that private loans may not offer the same protections that come with federal loans, such as income-driven repayment plans and forgiveness programs.

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.


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


SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs. SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.


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.

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