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Pharmacy school student loans are one way for potential pharmacists to cover some or all of the costs associated with attending pharmacy school. Knowing the pros and cons of pharmacy school loans can help you decide if this route is right for you.

Below, we explore how much it costs to attend pharmacy school, different ways to pay for it, what a pharmacy school loan covers, and the difference between federal and private pharmacy student loans.

How Much Does Pharmacy School Cost?

The cost of pharmacy school can vary significantly depending on the institution, whether you qualify for in-state tuition, and how long your program lasts. PharmD programs typically take four years to complete after finishing prerequisite coursework, though some accelerated options exist.

Costs generally include:

•   Tuition

•   Mandatory fees

•   Books and lab supplies

•   Licensing exam prep and fees

•   Living expenses

Because pharmacy programs are intensive (particularly accelerated three-year programs), many students find it difficult to work full-time while enrolled — which can increase borrowing needs.

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

Average Cost of Pharmacy School

Total cost of attendance for pharmacy school — including four years of tuition, fees, living expenses, transportation, and books/supplies — generally ranges from around $230,000 to $390,000.

Average Cost for Public vs Private Programs

The difference between public and private institutions can be substantial.

For example:

•   The total cost of earning a PharmD at the Ohio State University College of Pharmacy is roughly around $231,800 for residents and $262,500 for out-of-state students.

•   The total cost of earning a PharmD at California Northstate College of Pharmacy is approximately $394,000.

Attending a public pharmacy school as an in-state student is generally the most affordable route to a PharmD degree. If your state lacks a public pharmacy program, you can often receive significant tuition discounts — sometimes paying in-state rates — at out-of-state public universities through regional tuition reciprocity agreements.

Private pharmacy schools generally charge the same tuition regardless of residency. These schools tend to have higher sticker prices but may offer institutional scholarships to offset costs

Average Student Loan Debt for Pharmacy School

The majority of pharmacy students rely on loans to help pay for their education. The average student loan debt at graduation across all colleges and schools of pharmacy is around $171,000, according to the American Association of Colleges of Pharmacy (AACP).

Despite these high debt loads, the return on investment can be significant, as the average pharmacist salary is typically well over six figures, with a median annual pay of $137,210.

What Can You Use a Pharmacy School Student Loan On?

There are several ways a student loan can be used to cover the cost of a pharmacy school education:

Tuition

Tuition is the one of the largest expenses for pharmacy students. Loan funds are usually disbursed directly to your school to cover tuition first. Any remaining funds are refunded to you for other education expenses.

Fees

Mandatory university and program-specific fees may included:

•   Lab fees

•   Technology fees

•   Student activity fees

•   Health insurance (if required)

These charges are generally included in the official cost of attendance and can be covered with student loans.

Books and Supplies

Pharmacy programs often require specialized textbooks, lab materials, and equipment. Some students may also need:

•   Clinical attire

•   Digital drug reference tools

•   Licensing exam fees and preparation costs

These costs can add up to thousands of dollars over four years.

Recommended: How to Pay for College Textbooks

Living Expenses

Room and board is another expense that can be paid for with pharmacy school loans. Students can use their borrowed funds to pay for student housing — whether that’s in a dorm room or an off-campus apartment.

Pharmacy school loans can also be used to pay for transportation costs directly related to your education, such as travel to/from camp or clinical rotations, as well as any necessary childcare.

Living expenses are factored into your schools’ estimated cost of attendance, which determine your maximum loan eligibility.

Pharmacy School Student Loans: Pros & Cons

Borrowing can make pharmacy school possible — but it’s not without risks. Understanding both sides can help you make an important decision.

Pros of Using a Pharmacy School Student Loan

There are several significant advantages of financing pharmacy school with loans:

1. Focus Fully on Your Studies

Pharmacy programs are rigorous. Borrowing can allow you to focus exclusively on coursework, clinical rotations, and board exam preparation without the distraction of a side job.

2. Graduate More Quickly

If you don’t have to work significant hours, you may be able to take a heavier course loan or avoid extending your program — potentially finishing on time and entering the workforce sooner.

3. Access to Flexible Repayment Options

Federal loans, in particular, offer income-driven repayment (IDR) that ties your monthly payments to your income. This can provide breathing room during residency or lower-paying roles.

4. Potential for Loan forgiveness

Numerous federal and state programs offer loan forgiveness and repayment for pharmacists who work in underserved communities or specific healthcare sectors. A few different pharmacy student loan forgiveness options include:

•   Public Service Loan Forgiveness (PSLF)

•   National Institutes of Health Loan Repayment Programs

•   Substance Use Disorder Workforce Loan Repayment Program

•   State-based student loan forgiveness programs

5. Build Credit History

Making consistent, on-time payments on your federal or private student loans after graduation can help you establish a positive credit history. This can make it easier to qualify for loans like mortgages with favorable rates and terms.

Cons of Using a Pharmacy School Student Loan

Despite the benefits, student loans come with serious long-term considerations:

1. High Total Repayment Costs

Interest on graduate student loans generally accrues while you’re in school; over time you may repay significantly more than you originally borrowed.

2. Career Changes Don’t Eliminate Debt

If you decide pharmacy isn’t the right fit after graduating — or leave the profession later — you’re still obligated to repay your pharmacy student loans. You typically need to start repaying federal student loans six months after you graduate pharmacy school.

3. Financial Pressure After Graduation

Large monthly payments can limit your financial flexibility after graduation. This could impact decisions about buying a home, starting a family, or pursuing an entrepreneurial venture.

4. Policy Changes Can Affect Benefits

Federal loan programs, repayment options, and forgiveness programs can change over time. For example, a repayment strategy you planned on during your first year — such as PSLF or specific IDR plan — could be altered, capped, or phased out by the time you graduate, potentially increasing your total cost of debt.

5. Credit Risk With Private Loans

With private student loans, approval and interest rates depend heavily on the borrower’s or cosigner’s credit history. They often require good credit for approval, use risk-based pricing, and can damage your credit file if payments are missed. Unlike federal loans, they generally don’t offer IDR plans or forgiveness options

Types of Pharmacy School Loans

There are several borrowing options available to pharmacy students, each with unique terms and protections.

Federal Pharmacy School Loans

Graduate students typically begin with federal Direct Unsubsidized Loans offered through the U.S. Education Department.

Starting in July 2026, professional students (including pharmacy students) may borrow up to $50,000 per year in Direct Unsubsidized Loans, with a lifetime cap of $200,000. Interest accrues while you are in school, but you don’t need to begin repayment until six months after you graduate, leave school, or drop below half-time enrollment.

In addition, some pharmacy students may qualify for Health Professional Student Loans (HPSL). These are administered by the U.S. Department of Health and Human Services (HHS) through the Health Resources and Services Administration (HRSA).

HPSL loans are need-based and available to eligible students in pharmacy and other health professions. They feature a fixed 5.0% interest rate that is subsidized until repayment begins 12 months after graduation; loan amounts vary by school. Eligibility is determined by your FAFSA data and parental financial data (required regardless of dependency status).

Graduate PLUS Loans

Graduate PLUS Loans have historically allowed students to borrow up to the full cost of attendance (minus other aid). These loans require a credit check and generally carry higher interest rates than Direct Unsubsidized Loans.

However, Graduate PLUS Loans will no longer be available to new borrowers beginning July 1, 2026. Students planning to enroll after that date may need to explore alternative financing options if they exceed Direct Loan limits.

Private Pharmacy School Loans

Private pharmacy school loans are credit-based, non-federal financing options designed to bridge the gap when federal aid and scholarships are insufficient. Offered by banks, credit unions, and online lenders, these loans typically require a cosigner and feature either fixed or variable interest rates.

Rates can be competitive for graduate students (or cosigners) with excellent credit. However, they lack the federal protections found in government loans, such as income-driven repayment (IDR) plans and specialized forbearance programs. While private loans can help cover remaining tuition and living expenses, it’s important to compare rates and terms carefully after exhausting your federal borrowing limits.

💡 Quick Tip: It’s a good idea to understand the pros and cons of private student loans and federal student loans before committing to them.

Other Ways to Pay for Pharmacy School

Loans aren’t the only way to pay for graduate school. Exploring additional funding sources can reduce your long-term debt burden.

Scholarships

Professional organizations, universities, pharmacy chains, pharmaceutical companies, and private foundations offer scholarships specifically for pharmacy students. This type of funding does not need to be repaid and may be awarded based on academic performance and/or a commitment to a community or underserved area.

The AACP can be a great resource for finding a pharmacy school scholarship. You can also contact the college or school of pharmacy of your choice for information about scholarships opportunities.

Recommended: Scholarship Search Tool

Grants

Grants are generally need-based and funded by federal, state, or institutional sources. Although less prevalent for graduate students than undergraduates, certain programs still offer grant opportunities — particularly for students committed to serving high-need communities.

Completing the Free Application for Federal Student Aid (FAFSA®) will determine your eligibility for government-based grants. In addition, many universities use your FAFSA data to award their own internal grants or scholarships based on your financial profile.

Income-Driven Repayment Plan

While not a funding source up front, enrolling in an IDR plan after graduation can make repayment more manageable. IDR plans base payments on income and family size, may extend repayment terms, and can offer forgiveness after a set number of qualifying payments.

While there are currently a number of IDR plans to choose from, borrowers who take out loans on or after July 1, 2026, will only have access to a new plan called the Repayment Assistance Plan, or RAP. With RAP, your monthly payment is based on a percentage — 1% to 10% — of your adjusted gross income. The percentage scales with income.

These plans can be especially helpful for pharmacy school graduates pursuing lower-paying roles, residencies, or public service positions.

How to Build a Pharmacy School Financing Strategy

Borrowing strategically can reduce financial stress both during and after school.

Start With Free Aid

You generally want to maximize all sources of “free money” for school (such as scholarships and grants) before turning to loans. Be sure to complete the FAFSA early each year to determine federal, state, and institutional aid eligibility.

Even small awards can reduce your need to borrow — and therefore reduce interest costs later.

Compare Federal vs Private Loan Benefits

Federal loans generally offer more flexible repayment options, deferment protections, and forgiveness opportunities. Private loans may offer competitive rates for borrowers with excellent credit but typically lack federal safety nets.

When comparing federal vs private loans, it’s important to consider:

•   Interest rates

•   Origination fees

•   Repayment flexibility

•   Forgiveness eligibility

•   Deferment and forbearance options

Plan for Long-Term Repayment

Before borrowing, it’s a good idea to estimate your total projected debt and potential monthly payments. You can then compare that with expected starting salaries in your desired practice setting.

Consider:

•   Whether you plan to pursue residency

•   Geographic salary differences

•   Your desired lifestyle and financial goals

Running loan repayment scenarios now can prevent unpleasant surprises later.

The Takeaway

Pharmacy school can be a worthwhile investment — but it often requires significant borrowing. It’s important to understand the full cost of attendance, average debt levels, and the pros and cons of pharmacy school loans before signing a promissory note.

To pay for pharmacy school, you generally want to start with free aid, prioritize federal loan options when possible, and think strategically about long-term repayment. With careful planning, you can finance your PharmD in a way that supports both your education goal and your financial future.

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

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

FAQ

How long does it take to pay off pharmacy school loans?

Repaying pharmacy school loans typically takes between 10 and 25 years, depending on the repayment strategy and the type of loans you have. The standard repayment plan for federal student loans issued after July 2026 ranges from 10 to 25 years, depending on loan amount. If you opt for an income-driven repayment plan, you may have up to 30 years to repay your loans. After that, any remaining balance may be forgiven.

How can I pay for pharmacy school?

You can pay for pharmacy school using a combination of “free money” and loans. Start by maximizing scholarships and grants, which do not need to be repaid. Complete the FAFSA® to determine eligibility for government and institutional aid. Next, prioritize federal Direct Unsubsidized Loans and potentially Health Professional Student Loans (HPSL), for their offer fixed, often lower interest rates and repayment protections.

If there is a funding gap, private pharmacy school loans can cover the remaining cost of attendance, including tuition, fees, books, and living expenses.

What is the average student loan debt for pharmacy school?

The average student loan debt for pharmacy school graduates is around $171,000, according to the American Association of Colleges of Pharmacy (AACP). While debt is high, the median annual salary for a pharmacist is typically $137,210, which can make the long-term financial return significant.

Are pharmacy school loans eligible for forgiveness?

Yes, federal pharmacy school loans are eligible for forgiveness through several programs. The most notable is Public Service Loan Forgiveness (PSLF), which forgives the remaining balance on Direct Loans after 120 qualifying monthly payments while working full-time for a qualifying employer. Pharmacists who work in high-need or underserved areas may also qualify for specialized federal and state loan repayment assistance and forgiveness programs, such as those offered by the National Institutes of Health (NIH) or the Substance Use Disorder Workforce Loan Repayment Program.

Should you refinance pharmacy school loans after graduation?

Refinancing your pharmacy school loans after graduation can help you secure a lower interest rate, reduce monthly payments, or adjust your repayment term. However, keep in mind that extending your term may increase the total interest paid over the life of the loan. Additionally, refinancing federal loans converts them into private ones, meaning you forfeit federal protections like income-driven repayment and loan forgiveness. This move is generally best if you have excellent credit and are comfortable trading federal benefits for more favorable private terms.

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Photo credit: iStock/Vaselena

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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.

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

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

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Loans have become an integral part of American financial life. We need a mortgage to buy our first home and an auto loan to purchase a car. More recently, people are turning to personal loans to pay surprise bills and avoid high-interest credit card debt. But just because you need a loan doesn’t mean a lender is going to give you the loan — and interest rate — you want.

If you’re struggling to qualify for a loan, a friend or family member may be able to help by becoming a co-borrower. By leveraging their income, credit score, and financial history, you may qualify for better loan terms. Let’s dive into the details.

Understanding Co-Borrowers

As you’re considering your options, a natural first question may be, what is a co-borrower? Essentially, a loan co-borrower takes on the loan with you, and their name appears on the loan alongside yours. They will be equally responsible for paying the loan back and have part ownership of whatever the loan buys. When you take out a mortgage with someone, the co-borrower will own half the home.

Spouses often co-borrow when buying property or taking out a personal loan for a home improvement or remodeling project. In other circumstances, two parties become co-borrowers so they can qualify for a larger loan or better loan terms than if they were to take out a loan solo.

Having a co-borrower can help two people who both want to achieve a financial goal — such as first-time homeownership or buying a new car — put in a stronger application than they might be able to do on their own. The lender will have double the financial history to consider, and two borrowers to rely on when it comes to repayment. Therefore, the loan is a less risky prospect for the lender, which may translate to more favorable terms.

Recommended: All About Variable Interest Rate Loans

Qualifying as a Co-Borrower

If you’re planning to have a co-borrower on your personal loan application, it helps to understand what criteria you both must meet in order to be accepted by the lender. Let’s take a closer look at common factors that lenders consider.

Credit Score

A credit score can have a significant impact on whether your loan application is approved and what terms you’re offered. There’s no magic number, but generally speaking, lenders prefer to see a score of 620 or higher. You and your co-borrower may want to check your credit scores at no cost before you apply.

Proof of Income and Employment

To help determine whether co-borrowers can afford loan payments, a lender will likely want to see proof of a stable income and employment. You may both be asked to provide recent pay stubs, tax returns, and bank statements. You might also be asked to show a letter from your employers verifying your employment status, how long you’ve both been employed, and your salaries.

Debt-to-Income Ratio

Debt-to-income ratio, or DTI ratio, is a comparison of your monthly debts to your gross monthly income (before taxes). Lenders use this information to help determine how risky it would be to loan money to a borrower. It can affect your ability to borrow money and the interest rate you’ll receive. Generally, lenders like to see a DTI that’s no higher than 36%, though there may be some wiggle room.

In addition to the above, lenders also usually consider:

•   Financial history. This includes recent bankruptcies, judgments, and liens.

•   Age. Many lenders have a minimum age for co-borrowers, typically 21 to 25 years of age.

•   Citizenship. Co-borrowers generally must be either citizens or permanent residents of the U.S.

Co-Borrower Process

If you’re applying for a loan with a co-borrower, the application process is fairly similar to the one you’d follow if you were applying alone.

A good first step is to reach out to your lender and start the prequalification process. If your co-borrower has a strong credit profile, that could improve your odds of qualifying for better rates and terms.

Next, you and your co-borrower will need to complete the loan application. You’ll also both undergo credit checks, and the lender will evaluate your finances. You may be asked to provide documentation such as pay stubs, bank statements, or tax forms.

Within a few days or so, you’ll find out if you’re approved and what your loan terms are. Once you agree to the terms, your loan funds will be disbursed, usually within a week. Your lender will also share details about how to make monthly payments.

Co-Borrower vs Cosigner

A cosigner plays a slightly different role than a co-borrower. A cosigner’s income and financial history are still factored into the loan decision, and their positive credit standing benefits the primary applicant’s loan application. But a cosigner does not share ownership of any property that the loan is used to purchase, and they will help make loan payments only if the primary borrower is unable to make them.

Cosigning helps assure lenders that someone will pay back the loan. Typically, a cosigner has a stronger financial history than the primary borrower. This can help someone get approved for a loan they might not qualify for on their own or secure better terms.

No matter which route you choose, there are potential credit implications to keep in mind. For example, when you apply for a loan, the lender will likely do a hard credit pull. This may cause credit scores to temporarily dip for you and your cosigner or co-borrower.

Both parties may also see a drop in their credit score if monthly payments are late or missed altogether. (And remember, cosigners will be on the hook for making loan payments if the main account holder can’t.) On the flip side, on-time payments can help boost or build credit scores.

When should you choose a cosigner vs. a co-borrower? The answer depends on your situation and goals. If you intend on sharing ownership of whatever you buy with the loan, then a co-borrower may be a good choice. If you simply need someone with a strong credit history to bolster your loan application, then consider using a cosigner.

Recommended: What Is Revolving Credit?

The Takeaway

Taking out a loan is a big decision, and doing so with a co-borrower carries additional risks. A co-borrower is a partner in the loan and any property the loan is used to purchase. If one borrower cannot make their payments, the co-borrower will be on the hook for the full amount. But if both parties can come to an agreement about how they’ll handle potential financial hardships, co-borrowing can have major benefits. By pooling their income and debt, borrowers may lower their debt-to-income ratio and qualify for a mortgage or personal loan with a lower interest rate and better terms.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

SoFi’s Personal Loan was named a NerdWallet 2026 winner for Best Personal Loan for Large Loan Amounts.

FAQ

Are co-borrowers equally responsible for a debt?

Co-borrowers are equally responsible for the debt. If one borrower cannot pay, the other must cover the entire amount.

Does a co-borrower increase your approval odds?

A co-borrower with a higher income or better credit score can help you qualify for a loan and potentially secure better interest rates.

Does a co-borrower have ownership rights?

A co-borrower typically has ownership rights to the asset being purchased. The co-borrower is a joint owner on the title and has a legal stake in the asset.

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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.

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

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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Getting married can be a pricey proposition, with the average wedding in the U.S. now running $36,000. If you don’t have access to a large stockpile of cash, you may think you’ll never be able to afford the kind of wedding you envision. But that’s not necessarily the case. The key is to start budgeting and saving well ahead of the big day.

Whether you long for a fairy tale wedding or you prefer something more scaled back, there are ways to save for your dream day that will ensure you have the magical moment you’ve always wanted without having to start off your marriage in debt.

Set a Budget

Do you want a big, lavish wedding worthy of the royals? A destination wedding? Or maybe something more intimate with just a few friends and family? There are different levels of spending when it comes to weddings, and deciding what is most important to you can help you determine how much you’ll need to save. A wedding cost calculator can also be a useful tool as you begin considering your budget.

Is the venue a priority? The number of people? The food? The DJ (or band)? It’s smart to start by making a list and getting a solid estimate of the costs for each of your need-to-haves and your want-to-haves. It’s also wise to leave a little wiggle room for unexpected wedding costs. Little things, such as the marriage license, dress or suit alterations, and even insurance costs, can start to eat into your budget pretty quickly.

Recommended: 8 Ways to Fund Your Wedding

Start a Savings Plan

Before you’ve locked in the date, you and your partner can start a savings plan. Some couples open a separate bank account and set up automatic monthly transfers to that account to build their wedding fund. When savings are automated, you often don’t notice the missing funds. And by picking an account with a competitive interest rate, your money can make money while you continue to plan and save.

If you’re thinking about financing part of your wedding, you’ll want to start investigating your options, which can range from credit cards to personal loans (which typically have lower rates than credit cards), early on and weighing the pros and cons of taking on debt.

Put the Wedding First

Sure, you may want to go on vacation, eat at fancy restaurants, and buy those new clothes, but you’ll be further from your goal. Instead of spending on those luxuries now, cutting back and putting that money into your shared dream wedding account can help you get to your savings goal quicker.

There are also some simple ways to cut back that won’t make you feel deprived. For example, you can take local day trips or vacations in your state instead of traveling far. Eating out just once a month and cooking at home more can cut costs. You could even get swanky and hold a cocktail hour with friends at your house instead of going to happy hour. Your new bank account will thank you.

Recommended: The Cost of Being in Someone’s Wedding

Do It Yourself

One way to keep wedding costs down is to plan the majority of the wedding yourself. If you already have experience managing projects, then this should be within the realm of your abilities. Researching the typical steps and fees associated with weddings before making any concrete decisions can be helpful, and you might also want to research budgeting tips for weddings. If that feels daunting, keep in mind that the average starting rate for a full-service wedding planner in the US is $3,000.

And though there are advantages to using a planner (they already have a contact list of professionals and know their rates, saving you a lot of time and energy), the downside is that you could be getting a one-size-fits-all experience instead of the personalized ceremony and party you want.

Comparison Shop

Just like other big expenses, getting more than one quote for each service you need can help you find the best price point to fit your needs and wants. Does your preferred venue charge a premium for a wedding but a lower price for a party? You may want to consider negotiating the price. Calling multiple DJs and catering services can help you ensure you are not overpaying. New York City is going to have very different rates than Asheville, North Carolina, for example. This might even be a factor in deciding when to have your wedding, too. For a better idea of how much costs can vary, you can check out this comparison of wedding costs by state.

You can save a ton of money by doing away with an expensive venue altogether and looking at free or inexpensive locations, such as parks, gardens, and beaches.

And if you’re willing to hold your celebration on a weekday or off-season, you’re likely to find some additional savings. For example, you can pick Friday instead of Saturday, or organize a fall or winter event to help lower your costs.

Reassess the Dress

Maybe your dream wedding includes a Vera Wang gown, but your bank account can’t swing that. Consider shopping for a vintage dress and having it altered. Or if you want a more modern look, you don’t necessarily have to buy brand new — wedding dresses are usually only worn once and then either hang in the back of a closet or get sold or donated. Resellers often offer beautiful dresses at a fraction of the initial cost.

Consider this: Wedding dresses less than three years old are usually sold for half their original price. And that Vera Wang might not be out of reach after all if you buy it used. Designer brands can sell for 40% to 80% of their original cost.

Recommended: What Is the Ideal Wedding Budget?

Where Not to Cut Costs

While you might not have much of an appetite on your big day, your guests likely will, so it’s a good idea not to scrimp on the food. It doesn’t have to be a five-star, multicourse meal, but if you want to create a memorable experience for all, it’s smart to offer quality food that doesn’t leave anyone grumbling about “wedding food.”

And what good is a dream wedding if you have bad or no photos to remember it by? A good photographer can capture all the special moments of you and your guests. These are photos that you will cherish, frame and place on your dresser, and send to your family, so avoid costs here. Although the average fee of a wedding photographer ranges from $2,500 to $4,000, it could be the best decision you make for your special day.

The Takeaway

Saving for your dream wedding might seem impossible, but it’s within your grasp if you’re willing to put in the time and effort. By cutting a few everyday costs and making automatic transfers into a high-yield savings account every month, you and your soon-to-be spouse will be able to slowly but surely build your wedding fund.

You can also find ways to trim wedding costs while staying true to your vision for the special day. If you find you’ll still need to rely on some type of financing to pay for your big day, be sure to consider all your options to find the least expensive one.

Think twice before turning to high-interest credit cards. Consider a SoFi personal loan instead. SoFi offers competitive fixed rates and same-day funding. See your rate in minutes.

SoFi’s Personal Loan was named a NerdWallet 2026 winner for Best Personal Loan for Large Loan Amounts.

FAQ

How much should I spend on a wedding?

A good place to start is calculating what you can afford and adding a 10%–15% contingency to cover any unexpected costs.

When should I start saving?

Ideally, you should start saving for a wedding as soon as you get engaged, or even sooner if you’re planning to get engaged in the near future.

How do I start saving for my wedding?

Set your maximum budget and calculate the monthly amount you can realistically save. Review your spending and identify areas where you can cut down, such as unused subscriptions, eating out, or frequent vacations. It’s also a good idea to open a high-interest savings account.

What are the best ways to cut wedding costs?

Look at off-peak times/seasons for cheaper rates, such as weekdays, Sundays, winter, or early spring. Ask friends and family to get involved by making decorations. Review the guest list to cut down on numbers, look for cheaper, unconventional venues, and get multiple quotes for catering and dining options. You can also avoid smaller costs by skipping favors, buying a second-hand wedding dress, and sending digital invites.

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SOPL-Q126-038

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A college education is an investment in the future. But as with any investment, it’s important to consider what you’ll get in return — your return on investment (ROI) — to determine if the cost is worth it. Hence, college students and their parents weigh the cost of college against future earning potential, as well as intangibles such as friendships, network building, and soft skills.

This guide explores the “return on education” for bachelor’s degrees and offers insights into how to maximize the value of your college education.

Average Cost of a Degree

Choosing the right college is a multifaceted decision. Considerations include the school’s location, whether it offers programs that meet your interests, what the student culture is like, and, of course, tuition costs.

The price tag for college can be jaw-dropping. The average cost of college for an in-state student attending a four-year university is $27,146 per year (including living expenses). Students who attend private, nonprofit universities spend an average of $58,628 per year living on campus.

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

ROI by Education Level

You can determine your ROI by education level by looking at the ratio of the cost of your degree to your expected income once you graduate. Your return on education is much like a traditional ROI calculation, which looks at the ratio between net profit and cost from investing resources.

In this case, time and money are the resources you’re investing, and your future income is the profit. The ROI for your education will depend largely on how much you spend on your schooling, what type of job you get after school, and, to a certain extent, what you major in.

Median ROIs for a College Degree, per the Education Data Initiative

Education Level	20-year ROI	40-year ROI
Associate Degree	80.88%	545%
Bachelor’s Degree	142.4%	841.7%
Master’s Degree	84.78%	472%
Doctoral Degree	82.2%	623.5%
Professional Degree	554.5%	2,248.6%

Associate Degree ROI

Students can typically complete associate degrees, which are often offered at community colleges, in one to two years, making them more affordable than four-year degrees. According to data from the Education Data Initiative, the ROI for an associate degree is 80.88% after 20 years.

Bachelor’s Degree ROI

Bachelor’s degrees typically take students four years to complete. According to the Education Data Initiative, the ROI for a bachelor’s degree is 142.4% after 20 years. However, this estimated ROI can vary greatly based on the major you pursue. For example, computer science degrees offer an ROI of 716.6%.

Master’s Degree ROI

A student can obtain their master’s degree after receiving their bachelor’s degree. This degree allows them to specialize in a specific area of interest, such as a master’s in business administration, or MBA. The ROI for a master’s degree is 84.78% after 20 years, according to the Education Data Initiative.

Doctoral Degree ROI

A doctoral degree is generally the most advanced degree one can get in a particular field. Doctorates can take up to eight years to complete, though the exact timeline will vary depending on factors such as the program type, structure, and research conducted by the doctoral candidate. The estimated ROI for doctorate degrees is 82.2% after 20 years, according to the Education Data Initiative.

Professional Degree ROI

Professional degrees are advanced degrees that prepare a graduate to work in a particular field, such as law or pharmacy. After 20 years, the ROI for a professional degree is 554.5%, according to the Education Data Initiative.

Highest-Earning Degrees

The return on education will vary depending on the degree program you choose. For example, a student with a computer science degree may earn more than an English major. There are exceptions, but it’s a good idea to understand the norm for particular fields. Below are some of the highest-earning degree programs.

Associate Degree

An associate degree takes about two years to complete and can often be finished at a community college for significantly less than it may cost to get a four-year degree. Associate degrees often allow students to specialize in a specific trade or field, and, in some cases, this specialization can lead to a high-earning career.

One of the top-earning post-associate degrees is in air traffic control. According to the Bureau of Labor Statistics (BLS), air traffic controllers earn a median income of $144,580.

Dental hygienists, MRI technicians, and funeral service managers all earn an average salary of $70,000 or higher, making these associate degrees with high earning potential, as well.

Bachelor’s Degree

According to Best Colleges, bachelor’s degrees with the highest earning potential include chemical engineering, computer engineering, computer science, finance, and business analytics.

For example, in 2024, chemical engineers earned a median salary of $121,860. Financial analysts earned a median salary of $101,910per year, according to the BLS.

Certifications

Some people may consider adding a certification to their resume to boost their earning potential. Professional organizations often award certifications for specific skill sets. Some top-earning, in-demand certifications include those in project management and data engineering.

Recommended: Guide to Student Loans for Certificate Programs

Bachelor’s Degree ROI by Major

The ROI can vary quite a bit based on the type of bachelor’s degree pursued. Computer science degrees have some of the best ROI for bachelor’s degrees — about 1,752.5% over 40 years, according to the Education Data Initiative. Below is a list of majors and their estimated ROI after 40 years:

•   Business finance —1,842.3%

•   Business accounting — 1,286.6%

•   Electrical engineering —1,082.3%

•   Biology — 225.0%

•   Communications —441.8%

•   Architecture — 502%

•   Fine Art — 244.1%

Consider What Can’t Be Measured by Money

Yes, going to college or pursuing other higher education opportunities can be expensive. But in addition to the cost and potential boost in earning potential, there are a variety of intangible benefits that students can’t measure in dollars. For example, college students living on campus can gain a newfound independence and develop important life skills.

Plus, many colleges have strong alumni networks that can help students find jobs after graduating. Students have the chance to get to know themselves better while making lifelong friends.

Recommended: How to Budget as a College Student

Controlling Costs

One way to improve ROI is to decrease the amount you are paying for school. This could be particularly useful if you already know you want to pursue a career in a relatively low-paying field.

Scholarships

You can offset the cost of tuition by looking for scholarship programs that help pay your tuition and other college expenses. Many schools offer need-based financial aid to families who might otherwise struggle to pay tuition costs. In some cases, you could even get a full ride.

You can find scholarships by looking at your school’s financial aid website, connecting with your guidance counselor, or reviewing databases or online scholarship search tools.

In some cases, you may be able to apply for unclaimed scholarships to help supplement the aid you have already received.

Grants

Students may qualify for grants directly from their school or through federal financial aid. Grants typically do not require repayment, so they can be an incredibly helpful addition to a student’s financial toolkit when paying for college. Pell Grants are one type of grant awarded by the federal government to students who demonstrate exceptional financial need.

Pell Grants are available to undergraduate students. However, to maintain eligibility for a Pell Grant, undergrads must also meet satisfactory academic progress requirements.

Student Loan Forgiveness Programs

If you need to take out student loans to help pay for college, keep an eye on your terms and interest rates to help keep costs down. If you take out federal loans and plan to work for certain nonprofits or government organizations, you may be eligible for loan forgiveness under the Public Service Loan Forgiveness (PSLF) program. After making 10 years’ worth of qualifying monthly payments, the remaining balance of your loan may be forgiven through this program.

Private Student Loans

Private student loans don’t qualify for federal benefits such as PSLF, but they can be helpful tools for students who have exhausted their federal financial aid.

If you’re interested in paying for college or another higher education degree with a private student loan, take the time to shop around and review interest rates, terms, and other fees or benefits that lenders offer.

Employer Support After Graduation

Finally, some employers may also help you pay back your student loans as part of a benefits package. Consider working for an employer who offers these benefits.

Recommended: Finding Jobs That Pay Off Student Loans

The Takeaway

College students can estimate the return on their educational investment by comparing the cost of their degree to their lifetime earnings. Though important, the money you’ll eventually earn isn’t the only thing you should consider when choosing a college. Getting a bachelor’s degree can help you acquire skills and expand your horizons in ways that aren’t directly related to your degree or job prospects.

When you decide on the right school for you, take the time to consider all your options — including scholarships, grants, federal and private student loans, post-graduation repayment programs, and other sources of public and private funding — to help you achieve your education and career goals.

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

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

FAQ

What is the average return on investment for a college degree?

The average t ROI for a college degree varies by field, but generally, bachelor’s degree holders earn significantly more over their lifetime than those with only a high school diploma. On average, the ROI for a college degree ranges from 9% to 10%, but it can be higher depending on the major and the institution.

Which degree has the highest return on investment?

Degrees in fields such as engineering, computer science, and technology typically have the highest ROI. These degrees often lead to high-paying jobs with strong job security and growth prospects, resulting in a significant lifetime earning advantage compared to the cost of education and making them highly valuable investments.

Is a bachelor’s degree a good investment?

A bachelor’s degree is generally a good investment, as it can lead to higher lifetime earnings, greater job stability, and more career opportunities than having only a high school diploma. However, the ROI depends on the chosen field, the cost of education, and individual career goals and outcomes.

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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.

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

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

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

SOISL-Q126-037

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