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Between 2000 and 2021, the average published tuition and fees increased from the following amounts, after adjusting for inflation, according to Best Colleges:

•   $2,146 to $3,564 at public two-year schools

•   $5,638 to $9,596 at public four-year schools

•   $25,468 to $37,222 at private nonprofit four-year institutions

This article will cover the average cost of college tuition and fees in 2024, the increase in college tuition costs, the reasons for the rise of average college tuition, and college tuition options you may want to consider for yourself.

Average Cost of College in 2023-24

In 2023-24, the average published price for tuition and fees for full-time undergraduate students were as follows, according to the College Board’s Trends in College Pricing and Student Aid:

•   $11,260 for public four-year in-state institutions, $270 higher than in 2022-2023

•   $29,150 for public four-year out-of-state institutions, $850 higher than in 2022-2023

•   $3,990 for public two-year in-district institutions (including average community college tuition), $100 higher than in 2022-2023

•   $41,540 for private nonprofit four-year institutions, $1,600 higher than in 2022-2023

Recommended: Average Cost of College Tuition

Increase in College Tuition Cost Over the Last 10 Years

Generally speaking, tuition has increased in the past decade. According to data from the College Board, the average published tuition price at a four-year nonprofit university during the 2013-2014 school year was $30,094, while in 2023-2024 that number jumped to $41,540.

Reasons for the Rise of Average College Tuition

The rise of college tuition over the past few decades can be attributed to several key factors, including:

Reduced State Funding

One of the primary reasons for rising tuition costs, especially at public institutions, is the decline in state funding for higher education. As states allocate less money to colleges and universities, these institutions often compensate by increasing tuition to cover budget shortfalls.

Increased Administrative Costs

Colleges have expanded administrative staff and services, including student support, campus amenities, and compliance with federal regulations. This growth in administrative functions adds to overall expenses, which are often passed on to students in the form of higher tuition.

Expansion of Campus Facilities

Many colleges invest in new buildings, state-of-the-art facilities, and upgraded dormitories to attract prospective students and remain competitive. These capital expenditures are expensive and often lead to increased tuition to help finance the construction and maintenance of these facilities.

Rising Faculty Salaries and Benefits

The cost of faculty salaries and benefits, including health care and retirement plans, has risen steadily. As colleges strive to attract and retain top talent, these increased personnel costs contribute to higher tuition.

Student Demand for More Services

There is a growing demand from students for more comprehensive services, such as mental health counseling, career advising, and extracurricular activities. Providing these additional services requires funding, which often results in tuition hikes to cover these enhanced offerings.

Together, these factors create a complex landscape where college tuition continues to rise, making affordability a significant concern for many students and families.

Recommended: How to Pay for College

Total Cost of College Over Time

While the cost of tuition has increased over the years, the prices of room and board, books, school supplies, and other necessities have also risen. The cost of room and board has almost doubled since the 1960s, going from $6,700 to more than $12,000, according to Best Colleges.

On Campus vs. Off Campus

How much you spend on college will vary depending on whether you live at home, on campus, or off campus. The College Board found that the cost of living on campus has increased slightly faster than the cost of living off campus, such as in an apartment or house with friends.

Total Cost of College Over Time by School Type

Of course, the type of school you attend (public or private) will also affect the total cost of attendance. Over the last nearly 60 years, the average cost across all institutions has increased 135%. It increased the most at private institutions at 187% and the least at two-year colleges, at 69%.

College Financing Options

Numerous college financing options exist for students. Students can tap into various options to pay for costs. Undergraduate students received an average of $15,480 of financial aid 2022-2023, according to the College Board’s Trends in College Pricing and Student Aid.

Students may rely on scholarships, grants, work-study, and student loans, in addition to personal savings to pay for their education.

Scholarships

Scholarships refer to money received from colleges or other organizations that students don’t have to pay back. Only about 7% of students receive scholarships, with the average student who receives one getting $14,890 annually at a four-year institution.

Student Loans

Students can take advantage of federal or private loans. Federal loans are provided by the U.S. Department of Education. To apply for a federal student loan, students need to fill out the Free Application for Federal Student Aid (FAFSA®) each year.

Private student loans are provided by banks, credit unions, and other financial institutions. These are separate from any sort of federal aid, and as a result, lack the protections afforded to federal student loans — like income-driven repayment options or the ability to apply for Public Service Loan Forgiveness. For this reason, private student loans are generally considered by students only after they have reviewed and exhausted all other options for financing.

Recommended: How to Complete the FAFSA Step by Step

Grants

Students can tap into federal, state, or institutional grants. Grants can also come from employers or private sources. Like scholarships, grants typically do not need to be repaid. They are mostly awarded based on financial need, and students will generally need to complete the FAFSA to qualify for them.

Work-Study

Students can get a work-study award, which is money they must earn when they attend college. They must file the FAFSA in order to qualify for work-study and must work a job on campus to receive the money.

Personal Savings

According to Sallie Mae’s annual How America Pays for College 2024 report, 37% of students receive help from their parents to pay for college, and 11% use their own income and savings. Strategies for parents paying for college include things like setting up an account designed to help parents save for college or other educational expenses, putting work bonuses or tax refunds into savings, and setting aside funds each month to put toward college.

The Takeaway

The average college tuition continues to increase. In 2000, the college tuition at a private four-year institution was $15,470, and now in 2024 it’s $38,421. There are a number of reasons for increasing tuition rates, including factors like a decrease in state funding, lack of regulation, and an increase in operating costs at colleges and universities.

Many students rely on financial aid to pay for college. Financial aid includes federal student loans, certain grants and scholarships, and work-study 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.

FAQ

How much has college tuition increased since 2000?

Since 2000, college tuition has significantly increased, jumping about 65% between 2000 and 2021. This surge reflects growing education costs, which have outpaced inflation and wage growth, making higher education increasingly expensive and contributing to the student loan debt crisis faced by many graduates.

How much has the total cost of college increased over the last decade?

Over the last decade, the total cost of college, including tuition, fees, room, and board, has increased by about 10% at public institutions and around 19% at private institutions. This rise reflects growing expenses in education and living costs, making college significantly more expensive for students and families.

How much has college tuition increased in 2024?

In 2024, college tuition increased by 1.6% over the last 12 months. However, this number will vary depending on the institution and whether it is public or private. These increases are consistent with the ongoing trend of rising education costs, impacting students’ financial planning and contributing to higher student loan borrowing.

About the author

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.

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).

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.

SOISL-Q324-056

When students take a gap year, they typically take a semester or year off between high school and college in order to take advantage of experiential learning. While extraordinary opportunities may be awaiting you, you may struggle to think of ways to pay for the experience.

If that’s the case, there are options that may help you pay for your gap year — beyond funding the costs out of pocket. Continue reading for more information on options you may want to consider should you find yourself in need of help funding your non-classroom experience.

Gap Year, Explained

First of all, what is a gap year and why do people take them?

Students may choose to take a semester or year off with the goal of getting a break from academics and prior to diving into postsecondary education. Students may choose to complete an internship, travel, study on their own, volunteer, or pursue other interests. Some students choose to pursue a gap year with the intention of discovering what it is that they want to major in or the career path they’d like to pursue.

Many students report a developed self- and cultural awareness, increased independence, and confidence after taking a gap year.

Students may choose to apply to colleges and universities during their senior year (and let colleges know of their plans to take a gap year), during their gap year or after they’ve completed their gap year. Waiting until later often gives them the advantage of being able to report on what they’ve learned during their time away from academics.

In some instances, a gap year may also be something for a student to do after college or in-between college and post-graduate study.

Planning Out Your Gap Year

It’s important to plan out your gap year ahead of time so you have a plan for how you’ll spend your time. It can be easy to waste time when you break from a traditional schedule. Having a plan ensures that you’ll have a better chance of achieving your goals — you might even curb expenses as well.

It may be helpful to break your plan down into measurable goals. For example, if you plan to travel, write down where you’d like to be on specific dates so you don’t miss any of your intended milestones. It’s also a good idea to budget for your gap year ahead of time so you know how much it will cost and the amount you’ll need per week or month to live on.

Options for Financing Your Gap Year

You can always finance your gap year with cash you or your parents have saved or with money from a well-meaning grandparent. However, not everyone has cash bankrolling their gap year. Let’s take a look at a few ways you may want to consider financing your gap year.

Gap Year Scholarship or Grant

A private entity may offer you a gap year grant or scholarship. A scholarship is free money that you don’t have to pay back that can come from a wide variety of entities, including clubs, organizations, foundations, charities, businesses, the government and individuals. It’s possible to find scholarships specifically for gap years, particularly for students who want to volunteer, improve certain skills, volunteer, develop a talent, or complete another type of experiential learning.

Grants are also a form of financial aid that doesn’t have to be repaid. Grants may also help you fund your gap year without having to repay the money. However, it’s important to check into the fine print on both college grants and scholarships to ensure that you fit the criteria. (Some scholarships and grants require you to get college credit in order to qualify.)

529 Account or College Savings

If you or your parents have college savings set aside in a brokerage account, savings or checking account, or a certificate of deposit (CD), you may want to use this money to pay for gap year expenses.

A 529 plan is an investment account that offers investment opportunities and tax advantages when used to pay for qualified education expenses. You may take withdrawals from a 529 plan to pay for qualified educational expenses for tuition, room, board, fees, books, equipment for classes, and other supplies at an accredited institution. If you meet these requirements, you won’t pay federal income tax.

However, if you spend the money on an expense that doesn’t qualify as a higher education cost (such as your plane ticket to go overseas). Be careful when using your 529 savings unless you’re attending a specific program through an accredited institution.

Find a Paid Internship or Part-Time Job

Obtaining a paid internship or part-time job can help you float some or all of the expenses of a gap year. For example, if you plan to spend your year volunteering at soup kitchens throughout a major city, a part-time job may help you pay for transportation to get there and also other living expenses. On the other hand, if you intend to use your gap year to gain work experience to discover your career goals, a paid internship may help you take care of all of your living expenses.

Recommended: Jobs to Help Pay for School Expenses

Apply for Financial Aid

Financial aid can refer to a wide range of types of money to pay for credits at college or career school.

Some gap year programs offer college credit, so you may be able to apply for federal financial aid using the Free Application for Federal Student Aid (FAFSA®). The FAFSA can give you access to grants, federal student loans, and other opportunities.

While you may have never had any intention of taking college credit during a gap year (you may feel that it defeats the purpose of a gap year!) but taking a college-credit class or two as part of your experience or doing a credit-based gap year program may help cover some of your costs.

Personal Loans

Taking out a personal loan involves borrowing money from a bank, online lender, or credit union that you repay in fixed installments. Personal loans are not backed by collateral, which also means they are called unsecured loans. (Secured loans, on the other hand, are backed by collateral, such as a house.) Personal loans often carry higher interest rates than some other types of loans. It may be difficult for someone to get a personal loan without a cosigner if they don’t have a long history of building credit.

It’s a good idea to be careful about taking out a personal loan due to these higher interest rates and having to bring a cosigner on board. That cosigner could end up paying for your loan if you default on the loan and ultimately, it could affect both of your credit scores.

Using Private Student Loans to Finance Gap Year

Private student loans are student loans that come from a bank, credit union, or other private lender. You probably cannot use private student loans to finance your time off from school if you plan to backpack across Europe, but if you do take a few classes as part of a gap year program, you may be able to use private loans to cover your costs. Check with lenders about their requirements before you apply and whether or not a particular program will qualify.

The Takeaway

A gap year can help “gappers” explore career goals, develop confidence, volunteer, and more. If you’re thinking carefully about a gap year, you also might be worried about the cost of taking that time off. Consider putting together a list of costs, goals, and plans so you can make sure that your gap year goes off without a hitch. From there, you can start planning how you’ll cover your expenses during your time away from the classroom.

Finally, don’t forget that you can always put together a combination of sources of funding. For example, you can pay for your gap year with a combination of scholarships, money saved, and internship money.

3 Student Loan Tips

1. 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.
2. 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.
3. It’s a good idea to understand the pros and cons of private student loans and federal student loans before committing to them.

FAQ

How much should I budget for a gap year?

The amount you should budget for a gap year depends on your personal circumstances. It also depends on what you plan to do. Living at home with your parents and volunteering in your community will likely cost less than hopping on a plane and spending a year abroad. No matter what your plan, it’s best to get an estimate of your expenses ahead of time and then use that as a basis for your budget throughout your gap year.

How can I get funding for a gap year?

There are many ways to get funding for a gap year. Depending on your situation and circumstances, you may consider tapping into scholarships, grants, a 529 account, college savings, through a paid internship or part-time job, financial aid, personal loans or private student loans. There’s no single way to fund your gap year, and you may also want to consider a combination of different sources to pay for it.

How long should a gap year be?

A gap year can be any length of time, but they typically last between two weeks and one year.

About the author

Melissa Brock

Melissa Brock is a higher education and personal finance expert with more than a decade of experience writing online content. She spent 12 years in college admission prior to switching to full-time freelance writing and editing. Read full bio.

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).

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.

As a student, you must submit a new Free Application for Federal Student Aid (FAFSA®) each school year to determine federal financial aid you qualify for, including grants, work-study programs, and student loans. Many colleges and states also use FAFSA information to award their own institutional and state-based aid, so skipping the FAFSA could mean missing out on thousands of dollars in free or low-cost funding.

The FAFSA for the 2026-2027 academic year opened on September 24, 2025, earlier than the traditional October 1 launch date. While the federal deadline to submit the FAFSA is June 30, 2026, it’s wise to complete the form as early as possible. Many states and schools award aid on a first-come, first basis and have much earlier deadlines.

What follows is a detailed guide to completing the 2026-2027 FAFSA.

Documents You’ll Need

Before you sit down to complete the online FAFSA application, gather the following documents and information to make the process smoother:

•   Your Social Security number

•   Your Alien Registration Number (A-Number), if you’re not a U.S. citizen

•   Your federal income tax return

•   Records of child support received

•   Current balances of cash, savings, and checking accounts

•   Bank statements and records of investments (if applicable)

•   Records of net worth of investments, businesses, and farms

•   Records of untaxed income (if applicable)

If you’re a dependent student, your parent(s) will need most of the same information to complete their portion of the FAFSA.

💡 Quick Tip: Fund your education with a competitive-rate, no-fees-required SoFi private student loan that covers up to 100% of school-certified costs.

How to Fill Out the FAFSA in 6 Steps

Ready to file the FAFSA? Most applicants complete the form in less than one hour, including the time needed to gather personal and financial information.

Here’s how to fill out the FAFSA step by step.

Step 1: Create an Account

Before completing the FAFSA online, you need to create a StudentAid.gov account. This account provides you with a username and password that allow you to securely log in, complete the FAFSA electronically, and sign the form digitally.

Any required contributor(s) must also create their own StudentAid.gov account. A contributor is anyone required to provide consent and financial info for your FAFSA, such as a parent, stepparent, or spouse. Contributors are not required to pay for your college education, but their financial information may be necessary.

Step 2: Provide Personal Information

After logging in, select “student” to indicate that you are completing the form as the student applicant.

You’ll begin by reviewing and confirming basic personal information, including:

•   Name

•   Date of birth

•   Social Security number

•   Email address

•   Mobile phone number

•   Mailing address

Next, you’ll answer questions about your personal circumstances, such as whether you are a veteran, have dependents of your own, or are a legally emancipated minor. These questions determine whether you’re classified as a dependent or independent student for financial aid purposes.

You’ll also be asked about:

•   Race and ethnicity (used for research purposes only and not factored into your aid eligibility)

•   State of residence

•   Parent education status

•   High school information

•   Any federal benefits you or your family members have received

Step 3: Add Student Financial Information

To be eligible for federal student aid, you must provide consent for the FAFSA to import your tax information directly from the Internal Revenue Service (IRS) through the IRS Direct Data Exchange. The 2026–2027 FAFSA uses 2024 federal tax information. Once you give consent, your relevant tax information will automatically populate the form.

You’ll also need to report:

•   Your tax filing status (e.g., single or married filing jointly)

•   Any child support you received

•   Your financial assets, such as cash in bank accounts and investments you own

Do not include your parents’ financial assets in this section. Those will be reported separately by your parent(s). If you are married, your spouse’s financial information may also be required.

Step 4: Select Colleges

Next, choose the colleges, universities, and career schools you’re considering. You can list up to 20 schools where you want your FAFSA information sent. Schools can be searched by name, city, and state or school code.

Recommended: How Many Colleges Should I Apply To?

Step 5: Review and Sign

You’ll then review the terms and conditions of the FAFSA, confirm that all the information you provided is accurate to the best of your knowledge, and electronically sign the application. Once signed, your portion of the FAFSA is complete. However, the entire form isn’t officially submitted until all required contributors (like parents or spouses) also complete and sign the form.

Step 6: Parents Add Information

If you’re a dependent student, you must invite your parent(s) to complete their portion of the FAFSA. You’ll do this by providing their email address, which sends them an invitation to access the form.

If your parents are married and filed a joint tax return, only one parent needs to fill out the FAFSA. If they’re married but filed separately, both parents are contributors. If your parents are divorced or separated and live apart, the parent who provided the most financial support during the past 12 months is the required contributor.

Parents will need to provide contact information, household size details, the number of family members attending college, and any federal benefits received. They’ll also consent to import tax data from the IRS and report financial assets, including:

•   Total balances of checking and savings accounts

•   Total value of investments, minus debts.

•   Current value of businesses or farms, minus debts

Retirement accounts — such as 401ks, IRAs, and pensions — should not be included on the FAFSA. After reviewing their information, parents will sign and submit the form.

Recommended: Quick FAFSA Tips and Mistakes to Avoid

If You Need Additional Help Filling Out the FAFSA

If you need assistance, click the white question mark icon next to any FAFSA question to view guidance. You can also visit the FAFSA Help Center, watch the FAFSA tutorial video, or chat with Aidan, the virtual assistant within the application.

Additional help is available through the Federal Student Aid Information Center, our FAFSA guide, or the financial aid office at the college or career school you plan to attend.

What Happens After You Submit the FAFSA?

Within one to three days of submitting your FAFSA, you’ll receive a FAFSA Submission Summary. This document summarizes your responses and includes your Student Aid Index (SAI), which schools use to calculate your financial aid eligibility.

Each college you listed on your FAFSA and are accepted to will send you a financial aid award letter. This may include federal aid such as:

•   Direct Subsidized Loans

•   Direct Unsubsidized Loans

•   Work-Study

•   Pell Grants

•   TEACH Grants

•   Federal Supplemental Educational Opportunity Grants (FSEOG)

Who Should Complete the FAFSA?

Almost every student planning to attend college or graduate school should complete the FAFSA. This includes students from middle- and high-income households, part-time students, and those who believe they won’t qualify for federal aid.

Many scholarships, grants, and institutional aid programs require a complete FAFSA regardless of income level. Even if you don’t qualify for need-based grants, you may still be eligible for federal student loans, work-study opportunities, or school-specific financial assistance. Completing the FAFSA ensures you don’t miss out on any funding options available to you.

What If I Don’t Qualify for Any or Enough Aid?

If your financial aid offer doesn’t fully cover your education costs, you still have several options. You can appeal your financial aid award if your family’s financial situation has changed due to circumstances such as job loss, medical expenses, or other unexpected hardship.

You can also apply for private scholarships and grants, which are offered by organizations, employers, and nonprofits and don’t need to be repaid. In addition, working part-time during the school year or over the summer can help offset education and living expenses.

Private student loans are another option for covering remaining costs. However, they should be used carefully since they often have higher interest rates and offer fewer repayment protections than federal student loans.

The Takeaway

Completing the FAFSA application doesn’t have to be overwhelming. In most cases, the application takes less than an hour from start to finish. By following this step-by-step guide, you can confidently submit your FAFSA and understand what types of financial aid you may be eligible to receive for the upcoming school year.

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’s the due date for the FAFSA?

The FAFSA opens on October 1st each year for the following academic year. For the 2026–2027 academic year, the FAFSA opened early (in September 2025). The federal deadline is June 30, 2027. However, be aware that many states and individual colleges have much earlier deadlines, so it’s always best to complete the FAFSA as soon as possible.

Can I fill out the FAFSA myself?

Yes, you can fill out the FAFSA yourself by visiting the official StudentAid.gov website. The online application is designed for the student to begin the process, and this is generally the fastest and most accurate way to submit the form. Whether you can complete the FAFSA form using only your information depends on your dependency status. If you are considered to be a dependent student for financial aid purposes, you’ll need to invite your parent(s) or other required contributor(s) to complete their own section of the FAFSA, providing their financial information and consent.

How long does it take to fill out the FAFSA?

The FAFSA form typically takes most applicants less than one hour to complete from start to finish, including the time spent gathering necessary documents. Gathering information like tax returns, Social Security numbers, and asset information beforehand can reduce the time to 30 minutes.

What disqualifies you from getting FAFSA?

Certain factors can disqualify an applicant from receiving federal student aid through the FAFSA. These include:

•   Not being a U.S. citizen or eligible noncitizen

•   Not having a high school diploma or equivalent

•   Not providing consent and to have your federal tax information transferred directly into form

•   Having defaulted on a federal student loan.

Additionally, maintaining satisfactory academic progress (SAP) is usually a requirement for continued aid eligibility.

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).

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.

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