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By Dawn Papandrea |
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Comments Off on Online Scams Are Pervasive: How to Safeguard Your Money
They seem to infiltrate every aspect of our online lives: shopping, job hunting, investing, and even dating.
They’re internet scammers, and their field of opportunity is exponentially bigger now that we’re so digitally connected. Over 60% of adults in the U.S. get a scam phone call, email, or text at least weekly, and in many cases it’s a daily reality, according to a newly released Pew Research survey. One in five (21%) reported losing money to an online scam or attack.
In fact, internet crime led to a record $16.6 billion in reported losses last year — a 33% spike from 2023, data from the FBI’s Internet Crime Complaint Center shows. The average loss per complaint was over $19,000.
So, when are we most vulnerable?
For starters, many scams try to exploit job seekers or those in need of income. Scammers post fake listings dangling amazing-sounding offers that require some kind of payment to access.
Or, they offer work doing things like “optimization” or “product boosting” online, only you need to pay to get the assignments. They even prey on legitimate new hires by posing as their new boss in urgent need of their financial information or their help buying gift cards. (How’s that for a reason not to share the news of your new job on social media.)
In other cases, scammers are claiming you broke the law in some way. You missed jury duty, have unpaid parking tickets, or are behind on your taxes. The common denominator is always urgency, and the threat of harsh consequences if you don’t pay right away.
Online shoppers also continue to be a target, whether it’s with scam refund notices (like this recent Amazon phishing scam) or counterfeit retail websites selling merchandise that’s fake or never arrives. Thirty-six percent of respondents in the Pew Survey said they’ve been burned by the latter.
And then there are the sweetheart scams: Charming con artists who deploy fake online dating profiles or AI bots to forge a romantic connection on social media. They may say they need money because they’re sick or hurt. Or they offer to help you invest your money.
So what? Knowledge is power when it comes to protecting your money. Even though today’s scammers are leveraging personal data collection and artificial intelligence to try to fool people, most online scams have a few red flags in common. And extra vigilance goes a long way if you stick to these basic principles:
• Avoid the click trap. Even if a text or email appears to come from a company you do business with, tread carefully. If an offer seems too good to be true, or the company is asking you to update account information, do not click. Head directly to the provider’s main website, log into your app, or contact customer service to determine if it’s a fake operative.
• Be wary of payment preferences. If you’re asked to make payments in cryptocurrency, prepaid gift cards, or through a wire transfer, it could be a scam. Crypto was used to facilitate the crimes that led to $9.3 billion of last year’s internet losses, according to the FBI data. That’s a 66% increase from 2023.
• Take it slow. Legitimate organizations will give you time to make a decision. If you’re feeling pressured to act quickly, it’s probably a scam.
• Stay alert. No matter how clever a scammer is, you take away their power if you can see them coming. Sign up for consumer alerts from the FTC and use Google’s Safe Browsing Tool to stay one step ahead of the next online hoax.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
By Lindsay VanSomeren |
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Comments Off on Why Are Credit Card Rates So High?
Credit cards are pretty integral to daily life. Three in four U.S. adults have at least one, and we use them for 70% of our retail spending, according to a recent analysis by New York Federal Reserve economists.
They’re also one of the most common ways to borrow money, with 60% of accounts showing a balance being carried from month to month, the analysis indicates.
But that can be an expensive proposition. Credit cards carry pretty steep interest rates compared to other types of loans: They average over 22%, as of the latest Fed data available, and can easily top 30%.
Plus, in contrast to most personal or auto loans, the interest on credit cards compounds — meaning you’re charged interest on your interest. You can get behind more quickly and end up feeling like you’re stuck on a credit treadmill.
So why are credit card rates so high, relatively speaking? Let’s look at how credit card issuers set their rates — and what you can do to keep your costs down.
How Credit Card Interest Rates Are Built
There are three layers to the variable interest rate, or annual percentage rate (APR,) that is offered to you on a credit card.
• The rate you’re charged starts with the federal funds rate, a benchmark rate set by the Federal Reserve and dependent on economic conditions. Right now the upper target for the fed funds rate is 4.50%, but it was nearly zero during much of the pandemic and double-digits during the early ‘80s, when inflation was sky high.
• Credit card issuers then tack on a set amount — almost always 3 percentage points — to the fed funds rate. This creates what’s known as their prime rate for consumers.
• Issuers then add an interest rate margin to the prime rate. They decide this margin, which can vary from cardholder to cardholder. People who are considered a good credit risk are generally offered a lower interest rate margin than those who aren’t. (More on this in a moment.)
Second, card issuers have a lot of control over rates. Between 2013 and 2023, the average U.S. credit card rate spiked from 12.9% to 22.8%, in part because the average interest rate margin climbed from 9.6% to 14.3%, according to a 2024 analysis from the Consumer Financial Protection Bureau (CFPB).
To be fair, there’s a lot of debate about why the average rate margin has risen. Issuers have attributed it to an increase in their risks (i.e. more borrowers with subprime credit scores) while some consumer advocates suggest it’s more about generating profits.
The NY Fed’s analysis found that the two most significant reasons for high rates are the large marketing expenses associated with the credit card business and the risk of a major economic downturn causing widespread defaults. (Keep in mind that unlike with a mortgage or an auto loan, there’s no collateral with credit cards.)
How Your Credit Score Factors Into Rates
All that said, your own credit score can still be a powerful lever when it comes to credit card rates.
Let’s say the fine print of an offer says “We add 8.74% to 19.74% to the Prime Rate to determine the Purchase APR.” This means applicants who are seen as the most creditworthy are likely to get the 8.74% margin, while those seen as the least creditworthy could get the 19.74% margin. (To see what kind of difference this can make to your finance charges, use this SoFi calculator.)
Ways to Combat High Credit Card Costs
It won’t matter what today’s credit card rates are if you’re not carrying a balance. If at all possible, pay your balance in full each month. It’s not only the easiest way to avoid a cycle of debt, but it can reduce your financial stress and potentially free up money for important financial goals.
If paying in full isn’t possible, here are some other ways to keep your credit card costs down:
• Build a strong credit score: As we’ve just said, credit card issuers tend to charge lower rates if you have a higher credit score, so it can literally pay to work on your score. Making your credit card and other loan payments on time, every time, is the biggest factor in building good credit.
• Avoid late payments: Beyond the credit score implications, some issuers will charge you a higher penalty APR if you’ve been late or missed a payment. Set up automatic payments to avoid mishaps.
• Consider a debt consolidation loan: If you’ve already got credit card debt, moving it from a credit card to a personal loan could significantly lower your interest rate. (Check out SoFi’s rates here.) Just be careful not to run up a balance again.
• Work on building up an emergency fund: You don’t want a surprise to derail your finances. If your pet gets sick or your car dies, having a buffer of savings to draw from can help you avoid incurring credit card debt.
• Don’t pay to use your card: While there are some credit card rewards and perks worth paying for, it’s often best to choose credit cards you can use for free. That means cards that don’t charge an annual fee or foreign transaction fees when you go abroad.
Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
SoFi isn't recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
Carnegie Mellon University, located in Pittsburgh, Pennsylvania, is a prestigious private research university that was founded in 1900 by Andrew Carnegie. It has consistently ranked among the top universities globally, particularly in fields like computer science, robotics, AI, and engineering. Carnegie Mellon offers a wide range of undergraduate, graduate, and professional programs across its seven colleges and schools.
Keep reading to learn more on Carnegie Mellon University tuition costs, housing expenses, top majors, and more.
Total Cost of Attendance
For the 2024-25 academic year, the total cost of attendance at Carnegie Mellon was $86,812. Below is a summary of the costs, including tuition, books and supplies, room and board, and other education-related expenses.
Costs for 2024-2025
Expenses
Costs
Tuition & Fees
$66,246
Books & Supplies
$1,000
Room & Board
$18,166
Other Expenses
$1,400
Total Cost of Attendance
$86,812
Financial Aid
At Carnegie Mellon University, 58% of undergraduates students enrolled full-time received financial aid for the 2022-23 academic year. The most common form of financial aid was grants or scholarships, with 49% of undergraduates receiving such awards, totaling $47,550 on average.
Approximately 17% of Carnegie Mellon undergrads received federal Pell Grants, with an average grant of $5,934. Additionally, 35% of students received federal student loans to help pay for their education at Carnegie Mellon.
Generally, financial aid is monetary assistance awarded to students based on personal need or merit. Students who qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.
The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, or nonprofits. The different types include:
• Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, and financial need.
• Grants: Generally based on financial need, these can come from federal, state, private, and non-profit organizations.
• Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.
• Federal student loans: This is money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than those on private loans.
Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state and federal and school deadlines may differ.
You can find other financial aid opportunities at sources such as:
In 2022-23, 3% of full-time undergraduate students at Carnegie Mellon took out private student loans to help cover educational costs, with an average loan amount of $34,884.
Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or -affiliated organizations. While federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations, so their qualifications and interest rates can vary widely.
What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school. Federal student loans don’t have to be paid back until after you graduate, leave school, or change your enrollment status to less than half-time.
Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for, because it generally has better rates and terms.
If you’ve missed the FAFSA deadline or you’re struggling to pay for school during the year, private loans can potentially help you make your tuition payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.
Based on the 2024-25 tuition and costs, a four-year degree at Carnegie Mellon would amount to $347,248, without accounting for any annual cost increases. This is notably higher than the national average cost for four years at a private university, which is $241,680, according to CollegeData.com.
Carnegie Mellon tuition and fees for undergraduate students totaled $66,246 in the 2024-25 academic year. In comparison, the average cost of tuition and fees at private colleges is $41,540.
Room and board expenses for Carnegie Mellon undergrads amounted to $18,166 for students living on campus. This is higher than the national average of $14,650 for room and board at private colleges.
Graduate Tuition and Fees
Costs for 2024-25
Expenses
Costs
Tuition
$49,999
Fees
$976
Total
$50,975
Graduate students at Carnegie Mellon paid $49,999 for tuition on average for the 2024-25 academic year. Grad students were also required to pay $976 in fees related to student activities, technology, and transportation.
The total cost for graduate school at Carnegie Mellon is higher than the national average of $36,760.
Students might consider graduate loans alongside scholarships, grants, and teaching assistantships to pay for their graduate degree.
Cost per Credit Hour
Carnegie Mellon University does not follow a traditional credit hour system. Rather, undergrads must be enrolled in a minimum of 36 units per semester to be considered full-time students. For students enrolled in fewer than 36 units in the 2024-25 academic year, Carnegie Mellon charged $898 per unit.
Campus Housing Expenses
Costs for 2024-25
Expense Type
On-Campus
Off-Campus
Room & Board
$18,166
$16,356
Other Expenses
$1,400
$2,080
Total Housing Expenses
$19,566
$18,436
Carnegie Mellon is home to 26 residence halls and apartments, with 65% of undergraduate students living on campus for all four years of study. Incoming freshmen and certain transfer students are required to live on campus.
Students could pay less for housing by living off campus, depending on the type of housing and number of roommates they live with. The average rent for a three-bedroom apartment in Pittsburgh is around $1,907 a month, according to Apartments.com. Living off campus may require additional transportation costs, though students can utilize public transportation and the university’s shuttle services. Carnegie Mellon maintains a university-affiliated marketplace to help undergrad and graduate students to find off-campus housing.
Carnegie Mellon University Acceptance Rate
Fall 2023
Number of Applications
Number Accepted
Percentage Accepted
33,707
3,708
11%
Carnegie Mellon University had an acceptance rate of 11% for the Fall 2023 semester. Of those admitted, 44% ultimately enrolled.
Admission Requirements
Students may apply for early decision or regular decision at Carnegie Mellon. First-year students must submit their application by November 3 of the previous year for early decision. Regular decision applications are due on December 1 of the previous year for the Schools of Drama and Music, or January 5 of the same year for all other programs.
Here are the required materials for applying, plus what else can be considered with an application:
Required:
• Common application
• Common application essay and writing supplements
• High school transcripts
• Secondary school counselor evaluation
• Teacher recommendation
• English proficiency test
• SAT/ACT test scores (depending on program)
Considered:
• SAT/ACT scores (depending on program)
• Work experience
SAT and ACT Scores
Standardized test score requirements vary by program at Carnegie Mellon. The School of Computer Science requires an SAT or an ACT score, whereas other programs have a test flexible policy that allows applicants to self-report scores from a wider range of standardized tests.
For the 2023-24 academic year, 51% and 17% of students submitted their SAT and ACT scores, respectively. Here’s a breakdown of the 25th and 75th percentile numbers by subject.
Subject
25th Percentile
75th Percentile
SAT Reading/Writing
730
770
SAT Math
770
800
ACT Composite
34
35
ACT English
34
36
ACT Math
33
36
Popular Majors at Carnegie Mellon University
Undergraduate students can pursue 80 majors and over 90 minors across six schools at Carnegie Mellon. These are the 10 most popular degree programs.
1. Engineering
Students who are accepted to the School of Engineering may choose to major in a specific discipline, such as chemical engineering or mechanical engineering. During the spring semester of freshman year, students may select an additional major from the department.
Undergraduate degrees in 2023-24: 332
2. Computer Science
One of several majors in the School of Computer Science, this program develops students’ analytical and technical skills. Many students have the opportunity to participate in ongoing research projects within CMU, whether as part-time work or an independent study.
Undergraduate degrees in 2023-24: 216
3. Business Administration and Management
The Tepper School of Business equips students with communication and analytical skills to become future entrepreneurs and industry leaders. Business majors can choose from several concentrations, such as accounting, finance, and strategic management.
Undergraduate degrees in 2023-24: 138
4. Statistics
This program brings together statistical theory and data analytics and includes hands-on experience and classroom learning to prepare students for a variety of careers.
Undergraduate degrees in 2023-24: 109
5. Information Systems
This is a joint degree program between the Heinz College and Dietrich College of Humanities and Social Sciences. The highly technical program provides students with multiple pathways for advanced study and research with leading researchers in the field.
Undergraduate degrees in 2023-24: 108
6. Drama and Theater Arts
Students who pursue a Bachelor of Fine Arts (BFA) in Drama at Carnegie Mellon receive in-depth training for a creative career, either on stage or behind the scenes. This program allows students to concentrate in acting/music theater, design, dramaturgy, and production technology and management.
Undergraduate degrees in 2023-24: 64
7. Design and Visual Communications
Students interested in design and visual communications can pursue several interdisciplinary tracks within Carnegie Mellon’s School of Fine Arts. This includes product design, communication design, and environmental design.
Undergraduate degrees in 2023-24: 42
8. Economics
Economics majors gain the knowledge and experience needed to understand how the economy works and apply theory and analytical skills to tackle complex questions. This program prepares students for a range of public and private sector careers, as well as graduate studies.
Undergraduate degrees in 2023-24: 38
9. Architecture
This major within the School of Architecture is a five-year degree program that is accredited by the National Architectural Accrediting Board, putting students on the path to a career as a licensed architect. During their studies, students have the opportunity to collaborate with artists, scientists, and scholars across a variety of disciplines.
Undergraduate degrees in 2023-24: 33
10. Artificial Intelligence
This cutting-edge program was founded in 2018 as the nation’s first bachelor’s degree in artificial intelligence. Students take coursework from several disciplines, including mathematics, machine learning, and robotics.
Undergraduate degrees in 2023-24: 32
Graduation Rate
Here are the graduation rates for students who began their undergraduate studies in Fall 2017:
• 4-year: 79%
• 6-year: 93%
Post-Graduation Median Earnings
Graduates of Carnegie Mellon earn a median salary of $115,000. This is significantly higher than the national median for college graduates of $80,236.
Bottom Line
Carnegie Mellon University is a prestigious school offering a wide range of undergraduate and graduate programs. With an acceptance rate of 11%, getting into Carnegie Mellon is very competitive. Though it has a higher cost of attendance, most students receive some form of financial aid, and graduates can expect to earn significantly more with a degree from CMU.
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.
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As Virginia’s leading research institution, Virginia Polytechnic Institute and State University (Virginia Tech) in scenic Blacksburg, Virginia, offers 280 undergraduate and graduate degree programs. Virginia Tech’s motto: Ut Prosim (That I May Serve), permeates everything it does, from student research to professors’ teachings in the classroom. Virginia Tech serves more than 38,000 undergraduate, graduate, and professional students.
Keep reading to learn more on Virginia Tech, including tuition and housing costs, acceptance rates, and top majors in the college.
Total Cost of Attendance
The Virginia Tech rate for tuition and fees for Virginia residents was $15,948 in 2024-25, according to the most recent data from NCES. This figure is slightly higher compared to other public universities in Virginia, where the average tuition and all mandatory fees for in-state undergraduates hovers around $14,460.
In the United States, public four-year in-state tuition and fees was $11,610 on average, while public four-year out-of-state tuition was $30,780 in 2024-25.
Costs for 2024-2025
Expenses
In-State
Out-of-State
Tuition & Fees
$15,948
$37,764
Books & Supplies
$2,678
$2,678
Room & Board
$16,550
$16,550
Other Expenses
$4,494
$4,494
Total Cost of Attendance
$39,670
$61,486
Financial Aid
Virginia Tech awards 69% of its students with financial aid, including federal work-study, scholarships, grants, and loans.
Generally, financial aid is monetary assistance awarded to students based on personal need and merit. Students that qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.
The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, or nonprofits. The different types include:
• Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, and financial need.
• Grants: Generally based on financial need, these can come from federal, state, private, and non-profit organizations.
• Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.
• Federal student loans: This is money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than those on private loans.
Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state and federal and school deadlines may differ.
You can find other financial aid opportunities at sources such as:
A total of 39% of students at Virginia Tech use federal student loans (an average of $5,390 in loans) to help fund their education, while 9% use private student loans (an average of $23,493 in loans).
Private student loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or -affiliated organizations. While federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations, so their qualifications and interest rates can vary widely.
What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school. Federal student loans don’t have to be paid back until after you graduate, leave school, or change your enrollment status to less than half-time.
Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for, because it generally has better rates and terms.
If you’ve missed the FAFSA deadline or you’re struggling to pay for school during the year, private loans can potentially help you make your tuition payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.
Virginia Tech’s cost for in-state students over four years, including tuition, fees, room, board, books, and other expenses would likely cost more than $158,680 (costs will increase over time). Similarly, the cost for out-of-state students would be $245,944 over the course of four years.
How does that amount compare to other schools across the country? For the 2023-24 academic year, the average price of tuition and fees among colleges and universities was as follows:
• In-state residents at public colleges: $45,040 for four years
• Out-of-state residents at public colleges: $116,600 for four years
Virginia Tech costs more for both in-state and out-of-state students compared to the national average.
The combined cost of Virginia Tech tuition, fees, and books in 2024-25 was $18,626 for Virginia residents and $40,442 for non-residents.
Graduate Tuition and Fees
Costs for 2024-25
Expenses
In-State
Out-of-State
Tuition
$15,768
$31,690
Fees
$2,796
$3,402
Total Graduate Costs
$18,564
$35,092
Assuming a two-year program, a master’s degree from Virginia Tech would cost $37,128 for in-state students and $70,184 for out-of-state students.
The average cost of a master’s degree in the United States is $62,820. A master of arts degree usually costs $71,140, while a master of science degree typically costs $61,380.
Students can obtain graduate loans to help with the costs.
Cost per Credit Hour
The Virginia Tech cost per credit hour is $548 per credit hour for in-state students and $1,432.25 per credit hour for out-of-state students. Certain programs of study may cost more, so check with the bursar’s office for the most up-to-date information about costs at Virginia Tech.
Campus Housing Expenses
Costs for 2024-25
Expense Type
On-Campus Costs
Off-Campus Costs
Room & Board
$16,550
$12,578
Other Expenses
$4,494
$4,494
Total Expenses
$21,044
$17,072
Of Virginia Tech’s students, 10,500 live on campus in a number of on-campus housing units with an array of amenities and styles, including residential colleges, living-learning communities, and more. Generally, it’ll cost less to live off campus, but it’s a good idea to do your research before you make a decision. Virginia Tech showcases off-campus housing opportunities through a marketplace-type search based on price and a roommate search.
Virginia Tech Acceptance Rate
Fall 2023
Number of Applications
Number Accepted
Percentage Accepted
47,208
26,909
57%
Of the 47,208 applicants who applied to Virginia Tech, 57% were accepted, meaning the school isn’t the most selective institution in the U.S., nor is it the least selective.
Admission Requirements
The admission requirements for Virginia Tech include the following:
Required:
• High school transcript with GPA
• High school record
• Personal statement or essay
Items considered:
• Completion of college preparatory program
• SAT/ACT
SAT and ACT Scores
Virginia Tech is test-optional, but the college will consider an applicant’s SAT or ACT scores if they send them. A total of 3,103 students sent their SAT scores, while 484 sent ACT scores to Virginia Tech.
Test
25th Percentile
75th Percentile
SAT Reading/Writing
620
700
SAT Math
620
720
ACT Composite
27
32
ACT English
25
33
ACT Math
35
31
Popular Majors at Virginia Tech
Which majors are most popular at Virginia Tech? Let’s take a look at the top 10.
1. Engineering
Engineering at Virginia Tech offers a wide spectrum of engineering disciplines to produce engineers ready to solve 21st-century issues. Many will study artificial intelligence, cybersecurity, and manufacturing, all the while helping graduates to become leaders after graduation.
Undergraduate degrees in 2023-24: 1,774
2. Business
Whether you want to major in accounting, information systems, business information technology, finance, hospitality and tourism management, management, marketing, or real estate, Virginia Tech emphasizes technological analysis that improves business, entrepreneurship, and learning and research opportunities in a collaborative environment.
Undergraduate degrees in 2023-24: 210
3. Social Sciences
Virginia Tech recognizes that technology alone cannot answer all questions, so the social sciences offers the benefits of a leading university combined with civic responsibilities. The humanities and social sciences at Virginia Tech create meaningful solutions to solve complex human challenges.
Undergraduate degrees in 2023-24: 679
4. Biological and Biomedical Sciences
Life sciences research explodes at Virginia Tech, seamlessly integrating world-class research and the challenges of the 21st century. From changes in global warming to the challenges of human disease, Virginia Tech develops students for the future by preparing them to tackle these major problems.
Undergraduate degrees in 2023-24: 657
5. Family and Consumer Sciences/Human Sciences
The family and consumer sciences department at Virginia Tech focuses on a wide variety of practical applications, whether your future goal involves working with the young, the elderly, or any other group. Virginia Tech shapes those who want to learn cutting-edge methods in the fields of adolescent development, aging, family studies, marriage and family therapy, disabilities, and more.
Undergraduate degrees in 2023-24: 557
6. Computer and Information Sciences
The computer and information sciences programs at Virginia Tech are ranked 29th in the nation and offer innovative teaching and research opportunities. Students can become leaders and researchers in divisions like computational biology and bioinformatics, data analytics, machine learning, software engineering systems, and more.
Undergraduate degrees in 2023-24: 526
7. Agricultural/Animal/Plant Science
Virginia Tech’s transformational, hands on experience in animal science gives graduates an opportunity at the largest animal program east of the Mississippi. Those interested in plant science at Virginia Tech prepare students for work in private and public sectors, and in plant breeding, biotechnology, and plant pathology. Students can also learn from top-notch faculty in molecular biology, biochemistry, plant genetics and breeding, and more.
Undergraduate degrees in 2023-24: 264
8. Psychology
Psychology at Virginia Tech teaches students a variety of disciplines: biology, education, health, business, sociology, marketing, engineering, and neuroscience. Psychology helps students understand behavior and conduct research that transforms lives.
Undergraduate degrees in 2023-24: 247
9. Communication and Journalism
Communication at Virginia Tech can teach students in a liberal arts setting how to engage, present, persuade, think critically, evaluate, and communicate. The school of communication offers a wide variety of majors, including advertising, communication, multimedia journalism, public relations, and sports media and analytics.
Undergraduate degrees in 2023-24: 225
10. Natural Resources and Conservation
Virginia Tech teaches students core skills revolving around community outreach, research, conservation, and sustainability through the natural resources and conservation department. The program teaches resource management through real-world experiences, professional skills, labs, internships, and research to prepare employees for the world’s challenges.
Undergraduate degrees in 2023-24: 200
Graduation Rate
Of Virginia Tech’s students who started in Fall 2015 and who began in Fall 2017:
• 68% began in Fall 2015 and graduated after four years.
• 69% began in Fall 2017 and graduated after four years.
• 87% began in Fall 2015 and graduated after six years.
• 86% began in Fall 2017 and graduated after six years.
Post-Graduation Median Earnings
Ten years after graduating from Virginia Tech, the median earnings of former students who received federal financial aid is $81,698. That’s right in line with the average of bachelor’s degree graduates nationwide, who earn a median salary of $80,236.
Bottom Line
Virginia Tech offers a plethora of options for students, and at just $15,948 tuition for in-state students, it can be incredibly affordable for Virginia residents. Look into options to help pay for college, from grants and scholarships to private student loans.
If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.
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. 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.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
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The University of Pennsylvania (UPenn), located in the historic city of Philadelphia, is known for its rich liberal arts and sciences tradition and world-class education. A total of 29,109 students in fall 2024 strolled down Locust Walk, cheered on the Quakers, and took classes among its four undergraduate and 12 graduate schools.
The storied institution is a member of the Ivy League, alongside seven others: Brown, Columbia, Cornell, Dartmouth, Harvard, Princeton, and Yale.
Keep reading for a closer look at University of Pennsylvania tuition costs, housing expenses, top majors, and more.
Total Cost of Attendance
In 2024-25, University of Pennsylvania tuition was $68,686. The cost is similar to the tuition of other Ivy League institutions, which range from $61,676 (Harvard) to $71,845 (Columbia).
Costs for 2024-2025
Expenses
Costs (Living on Campus)
Costs (Living Off Campus)
Tuition & Fees
$68,686
$68,686
Books & Supplies
$1,358
$1,358
Room & Board
$19,174
$18,360
Other Expenses
$3,070
$3,070
Total Cost of Attendance
$92,288
$91,474
Financial Aid
Of full-time students beginning at the University of Pennsylvania in the 2022-23 academic year, 62% received a combination of financial aid. Specifically, 48% received a grant or scholarship and 9% received federal student loans, for an average award of $59,721 in grants or scholarships and $5,054 in federal student loans.
Generally, financial aid is monetary assistance awarded to students based on personal need and merit. Students that qualify for financial aid can use it to pay for college costs like tuition, books, and living expenses.
The federal government is the largest provider of student financial aid. However, aid can also be given by state governments, colleges and universities, private companies, or nonprofits. The different types include:
• Scholarships: These can be awarded by schools and other organizations based on students’ academic excellence, athletic achievement, community involvement, job experience, field of study, and financial need.
• Grants: Generally based on financial need, these can come from federal, state, private, and non-profit organizations.
• Work-study: This federal program provides qualifying students with part-time employment to earn money for expenses while in school.
• Federal student loans: This is money borrowed directly from the U.S. Department of Education. It comes with fixed interest rates that are typically lower than those on private loans.
Colleges, universities, and state agencies use the Free Application for Federal Student Aid (FAFSA) to determine financial aid eligibility. The FAFSA can be completed online, but note that state and federal and school deadlines may differ.
You can find other financial aid opportunities at sources such as:
Of the full-time beginning undergraduate students who take advantage of student loans at UPenn, 4% use private student loans to cover the costs. These students receive an average of $28,622 in private loans.
Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or -affiliated organizations. While federal student loans have interest rates that are regulated by Congress, private lenders follow a different set of regulations, so their qualifications and interest rates can vary widely.
What’s more, private loans have variable or fixed interest rates that may be higher than federal loan interest rates, which are always fixed. Private lenders may (but don’t always) require you to make payments on your loans while you are still in school, compared to federal student loans, which you don’t have to start paying back until after you graduate, leave school, or change your enrollment status to less than half-time.
Private loans don’t have a specific application window and can be applied for on an as-needed basis. However, if you think you may need to take out a private loan, it’s a good idea to submit your FAFSA first to see what federal aid you may qualify for, because it generally has better rates and terms.
If you’ve missed the FAFSA deadline or you’re struggling to pay for school during the year, private loans can potentially help you make your tuition payments. Just keep in mind that you will need enough lead time for your loan to process and for your lender to send money to your school.
UPenn’s cost for four years (tuition, room and board on campus, and fees) would be about $369,152 — but note that cost doesn’t include scholarships and grants.
For the 2023-24 academic year, here are the average price of tuition and fees among colleges and universities across the country:
• $41,540 at private colleges ($166,160 for four years)
• $11,260 for in-state residents at public colleges ($45,040 for four years)
• $29,150 for out-of-state residents at public colleges ($116,600 for four years)
Tuition, fees, and books cost $70,044 for UPenn in 2024-25. To compare to another Ivy League institution, Harvard’s tuition is $61,676, while fees and books cost $1,000 — a total of $62,676. Here’s a breakdown of UPenn’s costs without housing:
Expenses
Costs
Tuition & Fees
$68,686
Books
$1,358
Total Undergraduate Costs
$70,044
Graduate Tuition and Fees
Costs for 2024-25
Expenses
Costs
Tuition
$43,174
Fees
$4,670
Total
$47,844
The average cost of graduate student tuition and fees was $43,174 in 2024-25, with $4,670 in fees.
How does this compare to other graduate schools across the country? The average cost of a master’s degree is $62,820. A master of arts degree usually costs $71,140, while a master of science degree typically costs $61,380.
The cost per credit is $2,612 for one credit unit (c.u.), plus an online services fee of $162. Two credit units cost $5,224, three credit units cost $7,836, and four credit units cost $10,448. The cost per credit unit also comes with online services fees as well. Note that one credit unit typically represents a four-semester-hour course.
There are always year-to-year changes in cost per credit units, so it’s a good idea to keep tabs on those charges, which usually increase.
Campus Housing Expenses
Costs for 2024-25
Expense Type
On-Campus Costs
Off-Campus Costs
Room & Board
$19,174
$18,360
Other Expenses
$3,070
$3,070
UPenn offers 13 undergraduate College Houses, with 5,500 undergraduates living on campus. Upperclass students can live in high-rises with apartment-style living. UPenn’s off-campus housing marketplace site lists a plethora of opportunities for students living off campus, and you can also find roommates and housing opportunities based on your budget.
University of Pennsylvania Acceptance Rate
Fall 2023
Number of Applications
Number Accepted
Percentage Accepted
59,465
3,568
6%
The UPenn acceptance rate is only 6%, cementing its standing as a competitive Ivy League institution.
Admission Requirements
The admission requirements for UPenn include the following:
Required:
• High school transcript with GPA
• High school record
• Letters of recommendation
Items considered:
• High school rank
• Completion of college prep program
• Formal competency demonstration
• Personal statement or essay
• SAT or ACT scores
• English proficiency test
SAT and ACT Scores
In 2023, 51% of UPenn students submitted SAT scores and 19% submitted ACT scores. UPenn is test-optional, but of the students who took the tests, here were their scores at the 25th and 75th percentiles:
Subject
25th Percentile
75th Percentile
SAT Reading/Writing
730
770
SAT Math
770
800
ACT Composite
34
35
ACT English
35
36
ACT Math
33
36
Popular Majors at University of Pennsylvania
UPenn offers 100 majors across four schools for undergraduates. Check out the most popular majors at the University of Pennsylvania as of 2023-24.
1. Financial Analytics
Students in this major develop the ability to make data-driven business decisions and use statistical analysis and business analytics in competitive markets. Graduates will help businesses and organizations use data to improve decisions using a wide variety of data.
Undergraduate degrees in 2023-24: 261
2. Econometrics and Quantitative Economics
Among the top 10 in the country, the UPenn economics department is research-oriented and geared toward training the world’s foremost research economists. Successful graduates develop analytical and economic literacy and commonly hold academic and research positions in both the private or public sector. The department is famous for its Penn Institute for Economic Research and its International Economic Review, a leading economics journal.
Undergraduate degrees in 2023-24: 210
3. Registered Nursing
Ranked as the best nursing school worldwide, UPenn’s registered nursing curriculum blends the science of health care (theoretical knowledge) with clinical expertise (applied knowledge). The nursing faculty are among the world’s expert clinicians and researchers. UPenn’s nursing program also has a state-of-the-art simulation center, research opportunities, and rigorous clinical experience.
Undergraduate degrees in 2023-24: 174
4. Philosophy
Philosophy at UPenn examines concepts involving the formal sciences, natural sciences, humanities, the arts, and social, legal, and political theory. Undergraduates read texts, consider positions and arguments, and develop reasoning skills. UPenn’s philosophy graduates work in the following areas: law, medicine, business, journalism, computer science, the natural sciences, government, and philosophy.
Undergraduate degrees in 2023-24: 148
5. Biology/Biological Sciences
The internationally recognized biology department at UPenn contains strong research and educational programs. The department’s research areas include ecology, evolution, plant sciences, molecular and cellular biology, genomics, quantitative biology, and neuroscience. The department integrates biology across interdisciplinary areas to explore the constantly changing natural world at various angles.
Undergraduate degrees in 2023-24: 145
6. Computer and Information Sciences
Computer and information sciences at UPenn propels students’ experiences into complex software and hardware systems, digital media design, AI, computer vision, machine learning, and more. Penn’s students will become tomorrow’s leaders and visionaries in computer science. Undergraduates receive a wide variety of research opportunities and interdisciplinary collaborations.
Undergraduate degrees in 2023-24: 126
7. Neuroscience
A premiere institution for neuroscience research and training, interdisciplinary collaboration is the hallmark of the neuroscience program at UPenn, where numerous students gain an understanding of the brain and its diseases. Undergraduate students work with many Penn professors to study and contribute to world-renowned neuroscience research and discovery.
Undergraduate degrees in 2023-24: 97
8. Political Science and Government
Political science offers the opportunity to explore various levels and subfields of political science, including international relations, American politics, comparative politics, political theory, and more. Students can work with renowned faculty members, work through real-world problems, and have the opportunity to study abroad and engage in internships and a wide array of extracurricular activities. Political science majors at Penn go on to have careers in government, law, business, international and civic organizations, journalism, and education.
Undergraduate degrees in 2023-24: 96
9. Computer Science
Computer science at UPenn prepares future professionals for careers in network and computer services consulting companies, financial institutions, healthcare organizations, research labs, and other related fields. Computer science majors combine expertise in many areas, including areas where large amounts of data are manipulated, such as in health industries or financial institutions. Computer science majors at UPenn become computer scientists and engineers and regularly earn advanced degrees.
Undergraduate degrees in 2023-24: 83
10. Research and Experimental Psychology
Psychology at UPenn studies the mind, how people perceive information, and how they respond. This major offers analytical and conceptual skills, providing a foundation for a wide number of careers upon graduation.
Undergraduate degrees in 2023-24: 73
Graduation Rate
The following are graduation rates for entering full-time students who began at UPenn in Fall 2017 for specified periods:
• 4-year: 88%
• 6-year: 97%
Post-Graduation Median Earnings
Ten years after entering the school and graduating from the University of Pennsylvania, the median earnings of former students is $111,371. That’s considerably more than the average of bachelor’s degree graduates nationwide, who earn a median salary of $80,236.
Bottom Line
The UPenn cost of attendance is $92,288 per year, including tuition and fees, room and board, books and supplies, and other expenses. However, the average amount of aid awarded to undergraduates for grants and scholarships is $59,721, which can knock an appreciable amount off the cost of UPenn. Just like other Ivy League institutions, UPenn is need-blind, which means the admissions committee doesn’t take ability to pay into consideration when paying for college.
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. 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.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.
