Current HELOC Rates in North Dakota Today
NORTH DAKOTA HELOC RATES TODAY
Current HELOC rates in
North Dakota.
Disclaimer: The prime rate directly influences the rates on HELOCs and home equity loans.
Turn your home equity into cash. Call us for a complimentary consultation or get prequalified online.
Compare HELOC rates in North Dakota.
Key Points
• Home equity lines of credit (HELOCs) can help you pay for home improvements, consolidate debt, cover education expenses, and more.
• When comparing HELOC lenders in North Dakota, consider not only interest rates and repayments terms, but fees, credit line minimums and limits, and lender reputation.
• HELOC rates in North Dakota are influenced by the prime interest rate and other economic variables.
• Many individual factors impact the rates that HELOC lenders in North Dakota will offer you, including your home equity position, credit score, income, and loan-to-value ratio.
• To qualify for the most favorable HELOC rates, prioritize building your credit score, maintaining a steady source of income, and keeping your debt-to-income ratio low.
Introduction to HELOC Rates
If you’re wondering just what is a home equity line of credit (HELOC) in North Dakota, odds are that you’re making timely home loan payments and have been building up equity in your home. You can use this guide to see what rate and terms you might qualify for, and to understand the underlying factors that influence HELOC rates so you can choose the best offer for your financial needs.
We’ll take you step by step through the application process. And since a HELOC is just one way you can get equity out of your home, we’ll also explain alternatives to HELOCs. Ready to maximize your borrowing potential and achieve your financial objectives? Let’s start at the beginning.
What Is a HELOC?
A HELOC is a revolving line of credit with your home as collateral. The amount of your credit line will depend on your home’s value as well as your mortgage balance. Qualified borrowers may be able to borrow as much as 90% of their home equity with a HELOC. You can borrow, repay, and borrow again.
HELOCs have two phases: draw and repayment. It’s important to understand both.
The Draw Period
During a HELOC’s draw period, usually lasting 10 years, you can access funds up to your credit limit. Payments are typically interest-only, while paying down the principal is optional. If you do pay down your principal, you can borrow against the full credit line again. You can use a HELOC monthly payment calculator to help you with financial management during this phase.
The Repayment Period
A HELOC’s repayment period typically lasts 10 to 20 years. During this phase, borrowing ends and you repay the principal with interest. Rates are usually variable, which can make monthly repayment amounts somewhat unpredictable. A HELOC repayment calculator can show you what your payments would be each month depending on your interest rate.
Where Do HELOC Interest Rates Come From?
Interest rates on HELOCs are influenced by the prime rate — the rate banks charge customers deemed to be at lowest risk of default. Federal Reserve rates are just one factor lenders consider when setting their prime rates.
How Interest Rates Impact HELOC Affordability
Interest rates can have a significant impact on what a HELOC will cost you. When the time comes to repay a $60,000 HELOC with a 20-year term, a 6.00% rate would result in a monthly payment of $430, whereas a 7.00% rate would increase the payment to $465. More important, the customer with the 7.00% rate would pay $8,477 more in interest over the life of the loan. The greater the amount you borrow and the higher your interest rate, the larger these numbers grow.
| HELOC Amount | Repayment Term | Interest Rate | Monthly Payment | Total Interest Paid |
|---|---|---|---|---|
| $100,000 | 20 years | 8.00% | $836 | $100,746 |
| 7.00% | $775 | $86,072 | ||
| 10 years | 8.00% | $1,213 | $45,593 | |
| 7.00% | $1,161 | $39,330 | ||
| $50,000 | 20 years | 8.00% | $418 | $50,373 |
| 7.00% | $388 | $43,036 | ||
| 10 years | 8.00% | $607 | $22,797 | |
| 7.00% | $581 | $19,665 | ||
| $25,000 | 20 years | 8.00% | $209 | $25,186 |
| 7.00% | $194 | $21,518 | ||
| 10 years | 8.00% | $303 | $11,398 | |
| 7.00% | $290 | $9,833 |
HELOC Interest Rate Trends
Since HELOC rates are tied to prime interest rate set by lenders, understanding the history of the average prime rate can help you see where current HELOC rates in North Dakota fall. In recent years, the prime rate has ranged from a low of 3.25% in 2020 to a high of 8.50% in 2023. These fluctuations can have a direct impact on the practicality of a HELOC vs. a home equity loan, since HELOC rates are variable and home equity loan rates are usually fixed.
Historical Prime Interest Rate
| Date | U.S. Rate |
|---|---|
| 9/19/2024 | 8.00% |
| 7/27/2023 | 8.50% |
| 5/4/2023 | 8.25% |
| 3/23/2023 | 8.00% |
| 2/2/2023 | 7.75% |
| 12/15/2022 | 7.50% |
| 11/3/2022 | 7.00% |
| 9/22/2022 | 6.25% |
| 7/28/2022 | 5.50% |
| 6/16/2022 | 4.75% |
| 5/5/2022 | 4.00% |
| 3/17/2022 | 3.50% |
| 3/16/2020 | 3.25% |
| 3/4/2020 | 4.25% |
| 10/31/2019 | 4.75% |
| 9/19/2019 | 5.00% |
| 8/1/2019 | 5.25% |
| 12/20/2018 | 5.5% |
| 9/27/2018 | 5.25% |
| Source: U.S. Federal Reserve | |
Historical U.S. Prime Rates
Factors Influencing HELOC Rates
A bunch of factors can influence HELOC rates in North Dakota. Here are some variables that are within your control and can play a role in what you’ll be offered.
Home Equity
If you have substantial equity in your home, you’ll appear less risky to lenders, and this can lead to them offering you a lower interest rate. As a borrower, you’ll typically need a minimum of 15% equity to qualify for a HELOC.
Credit Score
Maintaining a credit score of 680 or higher is needed to secure a HELOC, and 700 is even better. A higher credit score is a bonus, too, since lenders may offer you lower interest rates.
Stable Income
Lenders scrutinize your income to evaluate your ability to repay the HELOC. Stability is important.
Loan-to-Value Ratio
Many lenders stipulate that your combined loan-to-value ratio must be 90% or less, though some will allow you to borrow 100% of your home’s value. For example, if you hope to obtain a $100,000 HELOC and your mortgage balance is $300,000, while your home appraisal puts its value at $500,000, your LTV ratio would be 80%.
Variable vs Fixed Interest Rates
HELOCs generally have variable interest rates, meaning they will fluctuate during the loan term. Although they often start lower than the current fixed rates, they can adjust up or down depending on market conditions. Plugging a number of interest rates into a HELOC calculator will give you insight into the effects these fluctuations can have on your monthly payment.
Tools & Calculators
Online calculators can show you your monthly payment amount and the overall cost of your loan. Our favorites include a HELOC interest only calculator, which can help you determine the payments you’d have to make during the draw period. Whether you’re thinking about a HELOC or a home equity loan, check out these useful tools:
Run the numbers on your HELOC.
-
Home Equity Loan Calculator
Enter a few details about your home loan and we’ll provide you your maximum home equity loan amount.
-
HELOC Payment Calculator
Punch in your HELOC amount and we’ll estimate your monthly payment amount for your HELOC.
-
HELOC Interest Only Calculator
Use SoFI’s HELOC interest calculator to estimate how much monthly interest you’ll pay .
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
How to Qualify for a Competitive HELOC Rate
To obtain one of the more favorable HELOC rates in North Dakota, you’ll want to do a little financial housekeeping before submitting your application. Here’s a to-do list:
Care for Your Credit Score
If you maintain regular, timely payments while also reducing credit card balances, it can help you cultivate a credit score lenders will find attractive. Take a minute to check your report, too, and request that any inaccuracies be corrected.
Assess Your Home Equity
A strong home equity position can lead to better terms and a higher credit line when applying for a HELOC. You’ll want to have at least 15% equity in your home.
Calculate Your Debt-to-Income Ratio (DTI)
Your DTI ratio is how much you pay each month on your debt (student loans, car loans, personal loans, etc.), divided by your gross monthly income. Home equity lenders often look for a DTI below 36%. Some allow up to 50%. Calculating a DTI ratio can help you determine your eligibility for a HELOC.
Application Process for a HELOC in North Dakota
Your application process for a home equity line of credit will involve a detailed financial review and a formal appraisal of your home, among other steps. Understanding each task can help you navigate the journey.
Step 1. Run the Numbers
Confirm that your credit score is 680 or above, and that your DTI ratio is below 36%. Estimate your home equity to understand how much you can borrow. Some lenders offer online prequalification tools to streamline this process.
Step 2. Compare Lenders
When seeking North Dakota’s best HELOC rates, also compare qualification requirements, credit line limits, fees, and draw and repayment period durations from multiple lenders.
Step 3: Gather Your Documents
When you prepare your HELOC application, gather and organize necessary documents in advance. This will typically include proof of income (such as W2 forms and at least one tax return), as well as property documents like proof of insurance. If you are self-employed, you should count on lenders asking for a profit-and-loss statement and two years’ worth of tax returns.
Step 4: Submit Your Application
You should be able to submit your HELOC application online or in person, depending on the lender. Be sure to attach all of your necessary documents.
Step 5: Get an Appraisal
A home appraisal plays a pivotal role in determining your eligibility for a HELOC. If the appraised value of your home exceeds the outstanding balance of your mortgage, you may qualify. Ask the lender to guide you through the appraisal process if needed.
Step 6: Prepare for Closing
Before accessing funds via your home equity line of credit, you’ll have to sign documents and pay any required fees. Some lenders make funds available as fast as three business days after signing.
Tax Benefits and Considerations
You can deduct the interest you pay on your HELOC if you use the funds you borrow to buy, build, or significantly improve your primary residence. Your interest deduction is limited to the first $375,000 of the HELOC principal if you are an individual taxpayer ($750,000 if you and your spouse file jointly). Consult a tax advisor to help you navigate specific tax implications and confirm your eligibility for deductions related to HELOCs.
How Much Does a HELOC Cost?
A HELOC will cost you less than a typical home loan or mortgage refinance. With a HELOC, the appraisal fee is the biggest cost, at up to $500. Other charges may include application and administrative fees, and some lenders add annual maintenance, transaction, inactivity, or early termination fees. A lender offering a HELOC with no fees, or reduced fees, may increase the interest rate to compensate. Be sure to compare offers from multiple lenders.
Alternatives to HELOCs
Other ways exist to get equity out of your home, including different types of home equity loans and cash-out refinancing. Personal loans are an option, too, if you prefer an unsecured loan. Carefully consider the advantages and disadvantages of each option to determine what’s best for you.
Home Equity Loan
Unlike a HELOC, a home equity loan provides a lump sum amount, and is paid back at a fixed interest rate. Borrowers can usually access up to 85% of their home equity through this type of loan. A home equity loan calculator can help you estimate your borrowing capacity.
Here’s a quick comparison of the two:
| HELOC | Home Equity Loan | |
|---|---|---|
| Type | Revolving line of credit | Installment loan |
| Interest Rate | Usually variable-rate | Usually fixed-rate |
| Repayment | Repay only what you borrow; you may have the option to make interest-only payments during the draw period. | Starts immediately at a set monthly payment |
| Disbursement | Charge only the amount you need. | Lump sum |
Recommended: What Is a Home Equity Loan?
Cash-Out Refinance
If you’re debating between a cash-out refinance vs. a home equity line of credit maybe this will help: Cash-out refinancing lets you refinance your mortgage for more than what you owe, and receive the difference in cash. This option may suit you if you need a large sum of money and want just one monthly payment. Do the math to compare costs as you decide what suits your overall home loan strategy.
Personal Loan
A personal loan does not require collateral, making it a good option for those without significant home equity. A personal loan can provide a lump sum of $1,000 to $100,000, to be paid back in regular payments with interest over a 2- to 7-year term. It can be used for home improvements, debt consolidation, and other large expenses.
Credit Cards
Credit cards and HELOCs are both examples of revolving debt, in which you get access to a credit line that you tap as needed instead of receiving a chunk of money all at once. Credit cards tend to come with higher interest rates than HELOCs, though, which makes them much more expensive if you carry a large balance for months. Credit cards definitely offer flexibility for smaller purchases, but a HELOC can be more cost-effective for larger expenses like home improvements or debt consolidation.
The Takeaway
A home equity line of credit can be a valuable financial tool if you want to capitalize on your accumulated home equity. HELOCs offer competitive interest rates and flexible repayment options. A HELOC’s variable interest rate may increase unexpectedly depending on the market, making for higher monthly payment. But if you aren’t sure exactly how much you need for a big project, a HELOC is a good option to consider.
SoFi now partners with Spring EQ to offer flexible HELOCs. Our HELOC options allow you to access up to 90% of your home’s value, or $500,000, at competitively lower rates. And the application process is quick and convenient.
Unlock your home’s value with a home equity line of credit brokered by SoFi.
FAQ
What is the monthly payment on a $50,000 HELOC?
A $50,000 home equity line of credit will require a monthly payment based on several factors, including how much of the credit line you draw, the interest rate, and the repayment terms. With an 8.00% interest rate and a 10-year term, your monthly payment will be about $607. This is assuming you’ll make interest-only payments during the draw period.
Is a HELOC a good idea right now?
Determining whether a home equity line of credit is the right option for you now hinges on your individual financial circumstances, as well as the market. While a HELOC can be advantageous for home improvements, debt consolidation, and other substantial expenses, it’s important to consider the interest rate, repayment term, and potential risks involved.
What is the monthly payment on a $100,000 HELOC?
The payment a $100,000 home equity line of credit will require can easily be calculated with a HELOC monthly payment calculator. Factors like the interest rate, the duration of your repayment term, and other details will all influence the final monthly payment. But assuming you draw the full amount at a 7.00% interest rate, and choose a term of 20 years to repay, your monthly payment will be about $836.
What are the benefits of a HELOC?
HELOCs offer you flexible access to funds, a competitive rate, and potential tax advantages. Common uses of HELOCs include funding home improvement projects and educational expenses, and consolidating debt.
Do you need an appraisal for a HELOC?
Yes, an appraisal is generally required with a HELOC application, to help a lender ascertain the current market value of the property. The appraisal tells the lender how much equity you have, providing assistance at the setting of your borrowing limit.
What disqualifies you from getting a home equity loan?
A tarnished credit history, insufficient home equity, and a high debt-to-income ratio can all disqualify you from obtaining a home equity loan. Familiarize yourself with the requirements for various types of home equity loans to up your chances of meeting the criteria.
How difficult is it to get a HELOC?
How hard securing a HELOC can be is contingent on several factors, including your credit score, the home equity you have accumulated, and the stability of your income stream.
Does HELOC affect credit score?
Applying for one may temporarily cause a slight decrease in your credit score, since it will require the lender to make a hard inquiry. But making consistent, on-time payments on your HELOC should positively impact your credit score over time, too, as it demonstrates responsible borrowing behavior.
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*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
²SoFi Bank, N.A. NMLS #696891 (Member FDIC), offers loans directly or we may assist you in obtaining a loan from SpringEQ, a state licensed lender, NMLS #1464945.
All loan terms, fees, and rates may vary based upon your individual financial and personal circumstances and state.You should consider and discuss with your loan officer whether a Cash Out Refinance, Home Equity Loan or a Home Equity Line of Credit is appropriate. Please note that the SoFi member discount does not apply to Home Equity Loans or Lines of Credit not originated by SoFi Bank. Terms and conditions will apply. Before you apply, please note that not all products are offered in all states, and all loans are subject to eligibility restrictions and limitations, including requirements related to loan applicant’s credit, income, property, and a minimum loan amount. Lowest rates are reserved for the most creditworthy borrowers. Products, rates, benefits, terms, and conditions are subject to change without notice. Learn more at SoFi.com/eligibility-criteria. Information current as of 06/27/24.In the event SoFi serves as broker to Spring EQ for your loan, SoFi will be paid a fee.
Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
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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.
SOHL-Q424-044
More HELOC resources.
-
What is a Home Equity Line of Credit
-
Different Types of Home Equity Loans
-
HELOC vs Home Equity Loan: How They Compare
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The Danger of Being Underinsured
The apocalyptic scenes from the Los Angeles wildfires are devastating. Those who have lost their homes face a long and uncertain recovery. Even before these latest fires, home insurance in California had become increasingly unaffordable, if you could even get it. Now, those impacted will have to decide whether to stay in a state facing not only more extreme weather, but an insurance market in utter crisis. Some of the displaced may not have enough insurance coverage to rebuild, or any at all.
Those of us not experiencing the wildfires firsthand are feeling grateful for our safety and our homes. But many of the dynamics playing out in California are worth considering wherever you live. In 2024, roughly 45% of all homes in the U.S. faced severe or extreme climate risks from wildfire, flood, hurricane winds, heat or air quality, according to a Realtor.com analysis. And being underinsured is not just a California phenomenon.
In fact, academic research published just last month suggests most U.S. homeowners don’t have enough coverage to rebuild their homes. Three business school professors concluded that of the nearly 5,000 policyholders impacted by a 2021 wildfire in a suburban area of Colorado, 74% were underinsured. That includes 36% who were so underinsured that their coverage limits were for less than three-quarters of their home’s replacement cost.
These figures become all the more concerning as average insurance premiums rise across the country, jumping 33% between 2020 and 2023, according to one analysis. Nowadays, when homeowners look for ways to lower their premiums, insurers may offer to reduce their coverage limits in response. That was the primary reason so many policyholders ended up with insufficient coverage for the Colorado wildfire, the researchers found.
So what? Simply having a home insurance policy may not be enough in 2025 – especially if you live somewhere threatened by extreme weather. Now’s a good time to check what your insurance would cover if you had to rebuild, as well as how much you’d get for temporary housing and other expenses incurred. If you’re already struggling with a high premium, shop around. Just think twice before cutting your coverage limits. You don’t want to discover you’re underinsured when it’s too late.
Related Reading
• Home Insurance Premiums Are Way Up—Here’s How to Lower Yours (The Wall Street Journal)
• Is Homeowners’ Insurance Required? Why More Than 6 Million Americans Don’t Have It (USA Today)
• Why Cutting Costs on Insurance Coverage Could Leave You Underinsured (Rate Insurance)
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Read morePenn State University Tuition and Fees
Penn State University Tuition and Fees
(Last Updated – 01/2025)
Total Cost of Attendance
The Pennsylvania State University, known as Penn State, is highly ranked for both its undergraduate and graduate programs, particularly in the area of entrepreneurship. In-state tuition for the 2023-24 school year at Penn State was $20,234. That’s almost twice the average for public four-year universities at $11,260 per year. Many students take out student loans to help with Penn State tuition.
|
Costs for 2023-24 |
In-State |
Out-of-State |
|
Tuition & Fees |
$20,234 |
$40,188 |
|
Books & Supplies |
$1,840 |
$1,840 |
|
Room & Meals |
$13,030 |
$13,030 |
|
Other Expenses |
$4,788 |
$4,788 |
|
Total Cost of Attendance |
$39,892 |
$59,846 |
Recommended: Pennsylvania Student Loan & Scholarship Information
Financial Aid
If you’re concerned that you might not be accepted to Penn State because you don’t have the money to attend, don’t be. Penn State is “need-blind,” meaning your ability to cover tuition isn’t considered when the school reviews your application. Anyone, regardless of income and financial situation, can apply.
Generally, financial aid is monetary assistance awarded to students based on personal need and 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, and 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, or financial need.
• Grants: Generally based on financial need, these can come from federal, state, private, and nonprofit 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 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, federal, and school deadlines may differ.
You can find other financial aid opportunities on databases such as:
• US Department of Education – Search for grants from colleges and universities by state
• College Scholarship Service Profile (CSS) – A global college scholarship application used by select institutions to award financial aid
Recommended: The Differences Between Grants, Scholarships, and Loans
Private Student Loans
Among incoming Penn State freshmen, 44% take out federal student loans, while 15% take out private loans. The average private student loan is $26,372.
Private college loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or state-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 as it generally may have better rates and terms. Additionally, understanding how to pay off student loans effectively can help you make informed decisions about managing both federal and private loan debt.
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.
Recommended: Guide to Private Student Loans
Projected 4-Year-Degree Price
The cost of attending Penn State for four years, including tuition, room and board, books, and other expenses, is $159,568 for in-state students. Compare that to the total average cost for a four-year public university for in-state students of $115,360.
Undergraduate Tuition and Fees
|
Costs for 2023-24 |
In-State |
Out-of-State |
|
Tuition & Fees |
$22,074 |
$42,028 |
|
Room & Meals |
$13,030 |
$13,030 |
|
Other Expenses |
$4,788 |
$4,788 |
|
Total Cost of Attendance |
$39,892 |
$59,846 |
Students spent $22,074 for in-state tuition and $42,028 for Penn State out-of-state tuition for the 2023-24 school year. In addition to Penn State tuition, they also paid $13,030 for room and meals.
Graduate Tuition and Fees
|
Costs for 2023-24 |
In-State |
Out-of-State |
|
Tuition & Fees |
$25,518 |
$43,828 |
Penn State tuition for graduate school in 2023-24 was $25,518 for in-state students and $43,828 for out-of-state students. The average cost of tuition for graduate school at a public institution is $10,320. There are graduate loans available to help with these costs.
💡 Quick Tip: Graduate student loans can help cover tuition, fees, and other education-related expenses.
Cost per Credit Hour
While you have the option to attend Penn State full-time (at the Penn State tuition rates we’ve covered), you also can opt to attend part-time. In that case, you would pay per credit hour, which is $820 per credit for in-state freshmen and sophomores.
Campus Housing Expenses
|
Costs for 2023-24 |
On-Campus |
Off-Campus |
|
Books & Supplies |
$1,840 |
$1,840 |
|
Room & Board |
$13,030 |
$13,030 |
|
Other Expenses |
$4,788 |
$4,788 |
On-campus housing is provided at 12 of the 20 campuses of Penn State. First-year students at University Park are required to live on campus and are guaranteed housing.
Students may also opt for private housing near campus. Student Affairs has a website for Off-Campus Student Support where you can view apartments near your campus. Check it out to explore the available off-campus options .
Penn State Acceptance Rate
|
Number of applications |
85,956 |
|
Number accepted |
46,416 |
|
Percentage Accepted |
54% |
When it comes to the Penn State acceptance rate, over half of all students who apply are accepted.
Admission Requirements
Now that you know the Penn State acceptance rate, it’s important to understand what’s needed for admission. To be accepted as a student at Penn State, there are a couple of requirements, and then there are additional recommendations.
Required:
• Secondary school GPA
• Secondary school record
Recommended:
• Admission test scores (SAT/ACT)
• Completion of college-preparatory program
• Personal statement or essay
SAT and ACT Scores
Currently, Penn State is test-optional through at least fall 2025. Students may submit SAT or ACT scores but are not required to. Even though submitting test scores for admissions is optional, here are the median scores for the SAT and ACT:
|
Test |
|
|
SAT Composite |
1310 |
|
ACT Composite |
29 |
Popular Majors at Penn State
Penn State offers students more than 275 majors to choose from on its 20 undergraduate campuses. Here are the most popular, as well as how many students graduated in each field with an undergraduate degree in 2022-23.
1. Finance
Considering a degree in finance? At Penn State, finance grads are armed with important knowledge to prepare them for careers in corporate finance, investment and portfolio management, banking, public finance, and international finance.
Undergraduate degrees in 2022-23: 557
2. Information Science/Studies
This is one of the most popular programs at Penn State. Students are trained with skills that will prepare them for careers in information technologies.
Undergraduate degrees in 2022-23: 489
3. Psychology
Psychology students learn psychology theories, concepts, and trends, and use critical thinking to problem solve.
Undergraduate degrees in 2022-23: 446
4. Computer and Information Systems
For students interested in the field of technology, this Penn State major provides the foundation for a successful career. Undergrads study programming, systems analysis and design, and network management.
Undergraduate degrees in 2022-23: 382
5. Mechanical Engineering
The mechanical engineering program uses a foundation of chemistry, math, and physics, and teaches students to analyze and problem solve.
Undergraduate degrees in 2022-23: 374
6. Marketing
Many Penn State students also pursue marketing careers upon graduating. The marketing program trains students to develop products and services, create marketing plans, and understand marketing needs.
Undergraduate degrees in 2022-23: 361
7. Public Relations, Advertising, and Applied Communication
Students develop an understanding of the role and effect of advertising and public relations within the business, social, and political arenas.
Undergraduate degrees in 2022-23: 349
8. Biological and Biomedical Sciences
For students interested in medical careers, a degree in biology is a stepping stone. Courses include ecology, evolution, and behavior; genetics and development biology; and medical technology.
Undergraduate degrees in 2022-23: 341
9. Econometrics and Quantitative Economics
Another popular major is economics. Students learn about different economic systems, governments, and business operations.
Undergraduate degrees in 2022-23: 335
10. Accounting
Those interested in becoming accountants or auditors may benefit from studying accounting at Penn State.
Undergraduate degrees in 2022-23: 218
This resource can help you learn more about the different majors at Penn State.
Graduation Rate
Penn State’s graduation rate has risen in recent years. Here is the graduation rate of students who began their studies in 2017: 86%.
Post-Graduation Median Earnings
Upon graduation, students from Penn State earn, on average, $63,000, according to the U.S. Department of Education’s College Scorecard. This is just below the average salary for the class of 2024 of $68,516.
Bottom Line
Penn State’s tuition may be higher than the average for U.S. public four-year institutions, but what you get in return is the chance to study one of more than 270 fields that will prepare you for a fulfilling career. And because Penn State is need-blind, it’s inclusive, no matter what your financial situation. Anyone can apply.
SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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-Q424-003
Northeastern University Tuition and Feeshttps://www.sofi.com/northeastern-tuition-fees/
Northeastern University Tuition and Fees
By Susan Guillory
(Last Updated – 01/2025)
Total Cost of Attendance
Northeastern University is known for its Cooperative Education Program, which combines classroom learning and experiences to prepare students for careers in many fields. But access to this co-op style of learning doesn’t come cheap: In 2023-24, Northeastern University tuition was $63,141. Contrast this against the average cost of tuition for a private four-year institution in the U.S. of $41,450. The good news is that student loans and scholarships can make this price tag easier to swallow.
|
Tuition & Fees |
$63,141 |
|
Books & Supplies |
$1,000 |
|
Room & Board |
$18,790 |
|
Other Expenses |
$1,800 |
|
Total Cost of Attendance |
$84,731 |
Financial Aid
Approximately 80% of new students receive some sort of financial aid, including student loans, grants, and scholarships. Northeastern is need-aware for international students only, meaning international students who have financial needs will still be considered during the application process.
Generally, financial aid is monetary assistance awarded to students based on personal need and 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, and 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, or financial need.
• Grants: Generally based on financial need, these can come from federal, state, private, or nonprofit 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 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, federal, and school deadlines may differ.
You can find other financial aid opportunities on databases such as:
• US Department of Education – Search for grants from colleges and universities by state
• College Scholarship Service Profile (CSS) – A global college scholarship application used by select institutions to award financial aid
Recommended: The Differences Between Grants, Scholarships, and Loans
Private Student Loans
While 38% of Northeastern students take out federal loans to help pay for Northeastern tuition, just 6% take out private student loans. The average amount borrowed with private loans is $32,680.
Private loans are funded by private organizations such as banks, online lenders, credit unions, some schools, and state-based or state-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 as it generally may have 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 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.
Recommended: Guide to Private Student Loans
Projected 4-Year-Degree Price
When considering colleges, it’s wise to look at the full “cost of attendance” for four years of education, which includes fees and room and board. The average cost for a four-year degree at a private school in the U.S., according to CollegeData.com, is $241,680. At Northeastern, that number is $338,924, based on 2023-24 rates.
Here’s some Massachusetts Student Loan & Scholarship Information for you.
Undergraduate Tuition and Fees
|
Tuition & Fees |
$63,141 |
|
Room & Board |
$18,790 |
|
Total Cost of Attendance |
$84,731 |
In 2023-24, students at Northeastern paid $63,141 for tuition and fees and $18,790 for room and board, for a total of $84,731 for the year. Here’s some helpful student loan and scholarship information to help you explore options for paying for Northeastern tuition.
Graduate Tuition and Fees
|
Tuition |
$27,728 |
|
Fees |
$372 |
|
Total Cost of Attendance |
$28,100 |
Tuition for graduate school at Northeastern University was $27,728 for the 2023-24 school year, with an additional $372 in fees. That makes the total for graduate school $28,100. This is higher than the average annual cost of graduate school in the United States, which is $21,730 per year. There are graduate loans that can help you cover these costs.
Cost Per Credit Hour
If you opt to attend Northeastern on a part-time basis, you won’t pay the full-time tuition we’ve discussed. you’ll pay about $2,031 per credit hour, based on 2024-25 pricing.
Campus Housing Expenses
|
Student Type |
On-Campus |
Off-Campus |
|
Room & Board |
$18,790 |
$18,790 |
|
Other Expenses |
$1,800 |
$1,800 |
First- and second-year students are required to live on campus at Northeastern. Most rooms are double or triple occupancy, though there are limited single rooms. Third-year and beyond students can opt to live off-campus. Northeastern has a site where students can find housing at reasonable rates. Keep in mind you may be required to sign a 12-month lease, even if the school semester is shorter.
Find out more about the university’s housing options.
Northeastern University Acceptance Rate
|
Number of applications |
96,631 |
|
Number accepted |
5,797 |
|
Percentage Accepted |
6% |
With 5,797 students accepted out of the 96,631 that applied, the Northeastern acceptance rate is at an all-time low of 6% (down from last year’s 6.8%).
Admission Requirements
To be accepted as a student at Northeastern University, there are certain requirements and documentation that must come with your application.
Required:
• Secondary GPA, school report, and transcripts
• Recommendations
• Early Decision Agreement (if applicable)
Recommended:
• SAT or ACT scores
The deadline for Early Decision I is November 1, with a decision given by January 1. The deadline for Early Decision II is January 1, with a decision by March 1. The Regular Decision deadline is January 1, with a decision given by April 1. You can apply to Northeastern here .
SAT and ACT Scores
Through 2026, Northeastern will not require SAT or ACT scores to be submitted with applications.
However, you may want to compare your test scores with those in the 25th and 75th percentile:
|
Subject |
25th Percentile |
75th Percentile |
|
SAT Evidence-Based |
710 |
760 |
|
SAT Math |
750 |
790 |
|
ACT Composite |
33 |
35 |
|
ACT English |
33 |
35 |
|
ACT Math |
31 |
35 |
Popular Majors at Northeastern University
Northeastern offers more than 90 majors and areas of concentration to choose from. Here are some of the most popular.
1. Business
Northeastern offers many degrees in business, including those that partner business administration with communication studies, design, economics, health science, mathematics, political science, psychology, computer science, and cybersecurity, among others.
Undergraduate degrees in 2023-24: 957
2. Computer and Information Sciences
Northeastern offers both a Bachelor of Science and a Bachelor of Arts in computer science. The BS focuses on the technical aspects of the field of study, while the BA offers more flexibility for electives.
Undergraduate degrees in 2023-24: 556
3. Mechanical Engineering
You can opt to study mechanical engineering, or you can combine a solid foundation in the subject, combined with materials science, history, physics, or design.
Undergraduate degrees in 2023-24: 229
4. Econometrics and Quantitative Economics
Students at Northeastern have the option to earn either a Bachelor of Science or a Bachelor of Arts in economics. The BA offers six core courses in economics and liberal arts courses in economic literature, economic history, the history of economic thought, and political economy. The BS covers economic development, game theory, and mathematical economics, as well as mathematics and computer science courses.
Undergraduate degrees in 2023-24: 155
5. Biology
Students of biology explore the processes of life, from molecules and cells through organs and organ systems to populations, ecosystems, and evolution.
Undergraduate degrees in 2021-22: 134
6. Health and Medical Administrative Services
Graduates in the health sciences program go on to have a variety of careers in the health and medical fields. Coursework includes studying the natural sciences, social sciences, and the liberal arts, as well as public health and health care.
Undergraduate degrees in 2023-24: 130
7. Computer Engineering
Computer engineering students learn both theory and practice when it comes to hardware and software design. They also learn about computer organization and architecture, computer networks, computer-aided design, programming languages, and optimization theory.
Undergraduate degrees in 2021-22: 130
8. Neuroscience
Students can opt to major in behavioral neuroscience, or combine that with design, philosophy, computer science, or data science.
Undergraduate degrees in 2021-22: 124
9. Nursing
Northeastern offers a Bachelor of Science in nursing, as well as accelerated programs. These programs prepare students to become nurses in a variety of fields, and there is a great demand for these professionals right now.
Undergraduate degrees in 2021-22: 111
10. International Business
If traveling abroad appeals to you, Northeastern offers a bachelor’s degree in international business. You’ll have the opportunity to study in another country as well as get work experience abroad.
Undergraduate degrees in 2021-22: 79
To find out more about Northeastern’s academic programs, use this resource .
Graduation Rate
So how many students actually graduate from Northeastern? A high percentage, actually. For students who started in 2017, the 6-year graduation rate is 90%.
Post-Graduation Median Earnings
Students graduating from Northeastern make significantly more than the average for private four-year school students, which is $68,516. Instead, Northeastern students make, on average, $93,000 a year.
Bottom Line
Northeastern University offers a wide variety of challenging majors and opportunities that can expand your career options once you graduate. Standards for acceptance are high, but if you meet those requirements, you’ll be rewarded with a great education.
Photo credit: iStock/Rebecca Todd
SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
SoFi Bank, N.A. and its lending products are not endorsed by or directly affiliated with any college or university unless otherwise disclosed.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article.
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-Q424-009
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