The Free Application for Federal Student Aid (FAFSA) for the 2024-25 academic year is preparing to soft launch, following a three-month delay and its most significant redesign since the 1980s.
The Education Department said on its main FAFSA webpage Dec. 27 that the new form will be available to students and families “periodically” while it tests functionality and site performance during planned pauses for maintenance. It urged students and families to continue checking FAFSA.gov for updates.
Anyone who plans to attend college next year should submit the new FAFSA as soon as possible. The sooner you apply, the more money available to you.
The form unlocks federal, state and school-based financial aid, including federal student loans, need-based grants, work-study and even some scholarships. Some of this aid draws from a limited pool and is first come, first served.
How the FAFSA Soft Launch Will Work
The Department said It will save the information of anyone who submits the form during the soft launch, and will not require resubmission when the form is formally launched. Those who submit the FAFSA should receive a confirmation email with preliminary financial aid eligibility information.
The Department said it will provide FAFSA eligibility information to schools and states in late January. Until that time, schools will not be able to answer questions about aid eligibility or status.
In late January, it said, students and families will be able to check the status of their FAFSA form on StudentAid.gov.
What you can do right now
You’ll need an FSA ID to submit the form. Each person who submits financial information for the new FAFSA is called a “contributor.” This could include the student, the student’s spouse, one or both biological or adoptive parents or the parent’s spouse. Each contributor needs a unique username and password — an FSA ID — to log in and complete their portion of the form.
Request your FSA ID on studentaid.gov and plan for a three-day turnaround time to receive it. Students won’t be able to submit the FAFSA until every contributor has their FSA ID.
What’s new with the new FAFSA
The fresh FAFSA formula could impact students’ financial aid packages. An additional 610,000 students from low-income backgrounds are expected to qualify for the Pell Grant, which gives students up to $7,395 that doesn’t need to be repaid.
The new formula, however, eliminates the so-called “sibling discount,” so parents no longer get a break for having multiple children in college at the same time.
If you’re a current college student and need help completing the 2024-25 FAFSA, reach out to your college’s financial aid office. If you’re a prospective college student, contact your high school college counselor or the financial aid offices of the schools to which you’re applying.
Getting a graduate degree can help you move up the company ladder, boost your salary, or switch to a different career. But going back to school can be costly. On average, students rack up $78,118 in student debt to pay for graduate school, according to the Education Data Initiative. That average reflects debt for all advanced degrees beyond the bachelor’s level, including master’s and doctoral degrees.
Many students who borrow money to pay for grad school already have debt from undergraduate studies. Including the average undergraduate student loan debt balance ($37,337), raises total average student debt for graduate students to $115.455.
Fortunately, there are ways to get a graduate degree without taking on a large amount of student loan debt. There are also a variety of payment plans that can make repaying grad school debt easier on your budget after you graduate. Here’s what you need to know about student loan debt for graduate school.
What Is the Average Graduate Student Loan Debt?
If you’re thinking about applying to graduate school, you may be wondering how much you’ll need to borrow to cover your costs and whether or not it will be worth it.
On average, students leave graduate school with a student loan debt balance of $78,118 (from grad school alone). How much debt students rack up going to grad school, however, can vary significantly depending on the type of degree they pursue and the kind of school they attend. A doctoral degree generally costs more than a masters, for example, while attending a public, non-profit university is typically cheaper than going to a private, for-profit college.
Here’s a closer look at the average graduate school debt balance for different degrees obtained at different types of institutions.
• Master’s degrees: The average total student loan debt balance is $83,651 ($64,950 is just from graduate school).
• Master’s degrees from public schools: The average total student loan debt balance is $69,057 ($54,699 is just from graduate school).
• Masters degrees from private schools: The average total student loan debt balance is $91,168 ($72,776 is just from graduate school).
• PhDs: The average total student debt balance is $134,797 ($127,521 is just from graduate school).
• PhDs from public schools: The average total student loan debt balance is $115,759 ($106,297 is just from graduate school).
• PhDs from private schools: The average total student loan debt balance is $199,175 ($183,508 is just from graduate school).
💡 Quick Tip: Get flexible terms and competitive rates when you refinance your student loan with SoFi.
Exploring Options to Finance Graduate School
Grad students can finance their education with federal student loans, private loans, or a mix of both. Here’s a closer look at the different types of loans available for graduate school.
Federal Loans
Graduate students can take out two different types of federal loans.
Direct Unsubsidized Loans
You can borrow up to $20,500 each year in Direct Unsubsidized Loans for graduate school, and eligibility is not based on financial need. The interest rate for Direct Unsubsidized Loans for graduate students for 2023-24 is 7.05%, plus an origination fee of 1.057%.
If you borrowed federal funds for your bachelor’s degree, you may be subject to a total federal funding limit of $138,000 in Direct Loans, including the amount of your undergraduate degree. Graduate PLUS (and Parent PLUS loans) are separate from this amount.
Direct PLUS Loans
If Direct Unsubsidized Loans aren’t enough to cover your attendance costs, you can next turn to Direct PLUS Loans, which have a higher interest rate. You can borrow up to the full cost of attendance for each year, which is set by your university and includes expected living costs for the town or city you’ll be studying in.
Eligibility is not based on financial need, but a credit check is required. Borrowers who have an adverse credit history must meet additional requirements to qualify. The interest rate for 2023-24 is 8.05%, plus a 4.228% origination fee.
Private Loans
Students can also take out private student loans for graduate school. Indeed, if you’re applying for grad school when you already have a well-established credit history, you may be able to get a lower interest rate from private lenders than from the federal government. This could save you a significant amount of money over time, and also help you get out of debt faster.
You’ll want to keep in mind, however, that the government offers significant protections that can make federal student loan debt easier to manage, such as income-driven repayment plans and student loan forgiveness.
How to Minimize Graduate School Debt
If you are interested in attending graduate school but worried about being saddled with high debt payments after you graduate, here are some ways to make your advanced degree more affordable.
Tap Free Funding Options
Scholarships, fellowships, and grants are some of the best ways to pay for graduate school. You can ask your school about institutional awards and also search for professional organizations focused on the field you’re interested in to see if they offer graduate scholarships. In addition, some schools also offer tuition waivers or some monetary awards for students who serve as teaching assistants.
Ask Your Employer About Tuition Assistance
If you plan to continue working while attending graduate school part-time, it’s worth finding out if your employer offers a tuition assistance program. Some companies will cover all or a portion of their employees’ higher education expenses. There may, however, be some strings attached, such as staying in the company for a specific amount of time. Reach out to your HR department to find out whether your employer offers this benefit and, if so, what the requirements are.
Borrow Only What You Need
There are no subsidized loans for graduate school, which means you’ll need to pay for all the interest that accrues on your loans. With Graduate PLUS loans, you are able to borrow up to your school’s cost of attendance, which can include expenses like transportation and child care. However, that doesn’t mean you should access the maximum amount. It’s a good idea to tap savings and income before turning to loans to cover all of your costs. This can help minimize how much debt you have to repay after you get your degree.
Look Into Online or Accelerated Programs
Some schools charge the same tuition for online and on-campus programs, but others charge substantially less for online classes. Also, the faster you can get a degree, generally the less you will have to borrow to pay for it. A one-year MBA, for example, will typically cost significantly less than a two-year program.
Explore Your Repayment Options
Federal loans offer income-driven plans that can keep graduate loan payments manageable after you graduate if your income is low. If you pursue a career in public service or nonprofit, you may also qualify for Public Service Loan Forgiveness.
If you’re getting an advanced degree that will boost your earning power, keep in mind that you may be able to refinance your federal and private graduate school loans after you graduate at a lower rate. This could potentially translate to hundreds or thousands of dollars saved over the life of your loan. Refinancing can also allow you to remove a cosigner off of your student loans.
You can refinance both federal and private student loans, but keep in mind that refinancing federal loans with a private lender means giving up federal student loan protections such as income-driven repayment plans and PSLF. 💡 Quick Tip: When refinancing a student loan, you may shorten or extend the loan term. Shortening your loan term may result in higher monthly payments but significantly less total interest paid. A longer loan term typically results in lower monthly payments but more total interest paid.
The Takeaway
Most graduate students in the U.S. leave school with upwards of $78,000 in graduate school debt. Depending on what type of degree you pursue and where you study, you could end up with less — or more — than the average amount of graduate student loan debt.
If you’re interested in grad school but concerned about debt, keep in mind that you may be able to lower the cost of your degree by getting fellowships and grants, becoming a teaching assistant, tapping your employer’s tuition assistance, and considering an online or accelerated program. You may also be able to refinance your grad school loans at a lower rate after you graduate, making them easier to manage.
Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.
With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.
SoFi Student Loan Refinance If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.
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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.
As college tuition costs continue to skyrocket, more and more people are questioning whether a higher education is still worth it. Many argue that there are plenty of lucrative job opportunities available without a college degree, while others point out that earning one can open up doors to even better positions and significantly widen your wealth base. As this debate rages on, the question remains: is getting a college degree still worth all the money in today’s economy? Below are some stories we’ve rounded up to help you make your decision with a broader perspective.
1. They Open Up Higher Paying Jobs
One user posted, “They open you up to higher paying jobs, though the jobs may not be in the field you were expecting.”
One user replied, “I certainly wouldn’t have my six-figure job without my degrees, but I recognize I might be the exception.”
Another user added, “Lol, no, you’re not. Very few jobs will net anywhere near $100k (area dependent, of course) without a college degree. Some electricians and plumbers I know with 20+ years of experience have gotten close by busting their a- and putting in 50-60 hour work weeks, but even then, not everyone with the same experience is taking in that much. I wouldn’t have a six-figure-paying job without a degree either.”
One user stated, “Connections >>>>> Experience >>> Degrees >>> Certifications.”
Another commenter added, “I think experience trumps connections. Connections can get you in the door for an entry-level job maybe.”
One Redditor replied, “1000%. There’s a guy I’ve heard of that barely graduated high school but hustled his [a-] off and now makes almost 200 Grand a year in IT with zero college. Also, he has the most beautiful eyes and the voice of an Angel. And he has a badass malamute. That guy’s name is Bruce. Long live Bruce.”
3. Shortage of Accountants
Even if you’re not aiming for a six figure income, there are plenty of jobs that simply require specialized schooling; and those jobs need to be done. Like accounting, for instance.
“We are having accountant shortage…so.”, exclaimed one user.
The OP replied, “Well, that’s what I’m majoring in.”
One user responded, “Keep going! It’s the best degree! Always jobs, never accept a job paying below $25/hr again.”
4. Economy Fluctuates; Education Lasts a Lifetime.
One user stated, “Before I had a college degree the most I could ever make was $47k in 2015. After graduating college in 2017, I made 51k for nine months and then 65k by 2018, less than a year after graduating college. I worked at the company for over three years and made $70k before I decided to get an MBA. I earned an MBA in 2023 and am now making 90k a year working pretty much entirely remotely.
“I have no solid connections in the USA, so education has been the only way I’ve been able to boost my salary steadily, and it gives me the confidence to demand more pay. And I feel like my work environment has improved as I improved my education. The economy might be bad at times, and good at times; it fluctuates. But the impact of an education lasts a lifetime.”
Another user replied, “How much debt? I’m not hating. I wasn’t in a position to get an education, so I took a different path.”
Another user commented, “There’s a lot of scholarships out there. I only have $20k of debt from undergrad that I chose not to pay off since interest for student loans is low.”
5. Affordable Education Is Worth It
One user raised a good point, saying that free education is always worthwhile. And while college may not ever be totally free, there are many ways of making it more affordable. Living with your parents and doing school online can save on costs, almost all colleges offer scholarships but so do organizations both related to your interests and hobbies, and probably in your locale, so look around. And for bonus points, if you’re able to be self-motivated, you can find lots of classes that you can study for independently and pass via exams such as CLEP and DSST. While they’re oriented towards active-duty soldiers trying to get an education during deployments, both programs are open to the public.
6. The Better Educated, the More You Earn
One user stated from a source, “Yes, by the following data. … Across degree types, it’s clear that, on average, the more education you get, the more you will earn. The biggest increase in salary happens if you complete a bachelor’s degree rather than an associate degree. In this case, you can expect to earn $15,500 more per year on average as a 25- to 34-year-old. If you look at the talk, a bachelor’s degree is worth, at the median, more than $20k a year than a high school diploma.”
7. Surviving Versus Thriving
One Redditor shared, “Yes and no. Do you want enough money to survive? You can do it without a degree. But in the long run, everyone says having a degree is very beneficial.
“Ironically, I dropped out of my university to work for said university, so I never got my degree. I have had no problems landing jobs and dropping out means I’m in a better financial situation now than my university graduate peers. But ten years later, when everyone wants to be a manager, I may be at a disadvantage of not having my degree (I might get lucky and use purely my experience). I do plan to get a university degree once I figure out what I really want to do.”
8. It Depends on Your Field and Your Goals
“The most annoying answer ever: it depends. I ended up with a humanities degree and worked a job that doesn’t typically require a degree, and if it does, it certainly isn’t mine. So I always feel like it’s kind of pointless (I don’t regret my degree one bit, though!) But I definitely have friends who graduated with me and have full-fledged careers now and have really started their adult lives because of their degrees.
“It depends not only on the degree but the person. My degree probably wouldn’t have gotten me far without more school/degrees, but I also didn’t choose to seek out any paths that involved using it. And people still comment on the fact that I have a degree, which implies I have specific skills and am somewhat trustworthy (I saw my degree through in less than four years, nonetheless). I don’t think a degree is ever pointless. But I also don’t think you need one to have a good life.”
9. College Is Good for Your Development
One user posted, “Money aside completely, college is good for your development and will open your eyes to the vast fruits of life, and even GEs and stuff will force you to learn silly little bits of information that may end up changing your life. If you can make the finances work (go to an in-state public university), I think it’s generally worth it for most people.”
10. Many Jobs Require a Degree; But They Don’t Care Which One
Another Redditor added, “There are tons of simple office jobs out there that just require you to have a bachelor’s degree that is roughly applicable. I have known people who got degrees that were just ‘for fun’ and then landed in jobs like this making 5-10 dollars more than minimum wage. Not bad.”
11. A Business Degree Is Widely Applicable
Another user shared, “I’d be very specific about the degree. For example, a business degree is pretty vague and, as a hiring manager, I’d want to see whether they are proficient with Excel and which specific classes they had. But if they had majored in accounting, they’d find a job fast. As for STEM—a major in biology is much harder to market than in engineering.
“If I were an incoming student, I’d start at the end and work back. What job do I want? What degree requirements are there? Which specific classes do I need? If at all possible, reach out to someone working in that field (maybe a friend’s parent, a neighbor, or your doctor or dentist – introduce yourself and ask if they could meet with you to discuss these things. I would be intimidated as a young person to do this, but it could save you tens of thousands of dollars and years of your life to do it.”
12. A Degree Doesn’t Guarantee a Job
“A college degree doesn’t guarantee a job. You still have to self-innovate and market yourself. This means things like your skills, networking, how aggressive you are with job hunting, etc., all contribute to a higher probability of getting hired. Also, if you do a job search for current office jobs, many employers still ask for a bachelor’s degree in terms of baseline qualifications. So you’re already at a disadvantage if you’re planning to work your way up the cubicle career ladder …,” one user posted.
13. It’s Not Necessary
While most people still consider college a no-brainer, it’s good to ask questions about whether it’s worth it, especially if you’re thinking of a post-graduate degree. Masters and doctorates are expensive, and you should be sure it’s worthwhile before you take on the financial responsibility for more education.
One user posted, “It’s not [worth it]. I have an MBA, and it only puts me in debt. No one cares about it.”
One user replied, “Should have done engineering.”
14. Pick a Proper Degree
One commenter said, “Pick a proper degree that leads to a paying career. If you are going to do art history, gender studies, then no.”
15. A Degree and Then Some: It’s Harder Than Is Used to Be
Another Redditor posted, “I think much of the issue lies in so many relying only on their degree and classes they took. The sad truth is college students now have to go above and beyond what previous generations had to for equivalent results. In the past, companies understood they’d take you under their wing and train you as you go if you’re a recent grad. Now, with degree saturation, mass layoffs, and job hopping being shared, there’s way more risk from the employer’s POV. Hence, entry-level roles require years of experience.
“So, is a college degree worth anything nowadays? It can be IF you pursue it more HOLISTICALLY to meet current market conditions. Of course, this can be easier said than done, and the below is assuming one studies STEM and Business:
“Develop Soft Skills: Often overlooked by STEM students. Many employers would instead hire candidates with potential cultural fit over a genius who can’t present their ideas well.
“Seeking out mock interviews helps a lot!
“Understand you’re learning HOW TO LEARN abstract/technical concepts. Being a good student has carried over into my professional life by being able to pick up things fast.
“Internships/Capstone/Major Projects: Good stand-ins for work experience on resume
“Networking: Take full advantage of career fairs, as well as with Professors. In my IT program, companies would reach out to some of my professors seeking top performers.
“If you’re at a ‘top school,’ bonus points on now having access to Alumni. This can be used as an in for internships and roles. Join Professional Clubs/Organizations Consider relevant on-campus jobs: can also be flexible around classes. Obtain Certifications as you go, and see if your college offers any access to resources like Coursera or LinkedIn Learning as part of tuition. Build a project portfolio of ones you’ve completed in courses and done on the side.
“Alternatively, if you are short on time AND Money, you could instead consider technical certifications that are in demand to get your foot in the door at least. For example, CompTIA certifications … for networking.
“TLDR: It all depends on your approach and efforts to meet the expectations of a more demanding job market. Gone are the days when you could literally knock door to door with just a Bachelor for an entry-level role.”
16. It Depends on the Degree
One user shared, “As always, it depends on what said degree is in. Gender studies won’t get you much, but bioengineering will.”
Another user added, “I’ve worked in oil and gas for over a decade, and I had no idea that geologists and paleontologists can easily make six figures working in the field. Even learning to weld can make you 45 to $60 an hour. Of course, schools don’t encourage this kind of study.”
17. A Degree Can Open up Connections
“I won’t say this applies to all degrees/jobs because I certainly agree a degree can open up connections to higher paying jobs, but my dad was in college for eight years for a business management degree … since he’s graduated like 12 years ago he’s had countless jobs he’s quit because he has gotten this mindset he should be getting paid more then what he does because he has a degree. On the other hand, I was in college for less than a year before I dropped out and started working because I hated school; since I started working, I’ve kept the same job for 10 years, and I have made more money than my entire family combined.
“Now again, I say I got lucky, and I know a lot of people aren’t as lucky, but if you already have a connection or already have something you know you’ll probably have a future with, then the degree is not necessary if you’ve already reached the top,” one commenter contributed.
18. A Degree Improves Your Odds, but It’s Not a Guarantee
One user posted, “Every I see people complaining about not finding a job, 95% of the time they do not have a degree. A college degree is not guaranteed, but it improves your chances of employment.”
19. Can You Make Money Going to College?
Another user shared, “In philosophy? No. In nursing, engineering, and s- where you can def go get a job.
“Research different states and the cost of education. I moved to California, and it was … near free. Actually, I made $$ going to college.”
What do you think of the opinions listed above? Share your thoughts down in the comments!
Source: Reddit.
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Returning to school can help you advance in your current job, open you up to new professional opportunities, and increase your salary. But those potential benefits don’t come without costs.
If you’re thinking about going back to school at 30 (or any age), it’s a good idea to consider what you hope to gain out of more education, and whether it may increase your earning potential or improve your job (and overall life) satisfaction. You’ll then want to factor in how much the program will cost and how you’ll pay for it.
There’s no one simple formula to determine whether or not going back to school is worth it, but these tips can help you make an informed decision.
Determining Whether Going Back to School Is Worth It
Once you’re clear about what program you’d like to pursue and have a list of schools to consider, you may want to ask yourself the following:
• Will the degree help me in my career path?
• Is this degree necessary to continue on my career path?
• Will this degree increase my job and overall life satisfaction?
• Will my investment in this degree be worth the cost?
Here’s a look at how you can answer each one of these questions.
Will This Degree Help Me in My Career Path?
When going back to school as an adult, it’s important to position yourself for continued growth based upon the career progress you’ve made to date. Sometimes, your continuing education of choice will take you further on the same career path you’ve already established. Other times, you will be broadening your education to branch out into complementary fields.
Talk to Trusted Colleagues
To make sure that the program you’re choosing will help you to accomplish your career goals, consider talking to people whose judgment you trust, including those who have pursued the path you’re considering.
Review Linkedin
Another resource that might be worth checking out is LinkedIn. You can search the profiles of people who work for companies you admire or who are in a job position you’d like for yourself. What educational credentials have they listed? If they have a graduate degree, which one? Does this mesh with what you have in mind?
Recommended: 6 Ways to Save Money for Grad School
Evaluate Career Opportunities
Sometimes, of course, obtaining additional education is necessary to fulfill your career goals. This is true if you want to become a doctor, dentist, nurse, or lawyer. In other cases, you may not necessarily need additional education to get a job in a particular field, but you might need further education to rise up the career ladder, get a significant increase in pay, or work for a particularly prestigious company.
Obtaining an MBA, for instance, can provide you with skills that will suit you well in various fields. It can also position you to take on new career positions and boost your overall pay.
Is This Degree Necessary to Continue on My Career Path?
Sometimes, of course, obtaining additional education is necessary in order to fulfill your career goals. This is true if you want to become a doctor or a dentist, a nurse or a lawyer. And, in other cases, you may not necessarily need additional education to get a job in a particular field, but you might aspire to work for a company that requires further education from its professionals.
Obtaining an MBA, for instance, can provide you with skills that will suit you well in various fields. And companies are very interested in hiring MBA graduates: After a hiring slump due to the Covid-19 pandemic, companies planning to hire MBAs in 2021 has rebounded to the same level as pre-pandemic, according to The Graduate Management Admission Council . In other words, not only can getting an MBA increase your skill set, it also may set you up for greater career and financial success down the line.
Will This Degree Increase My Job and Overall Life Satisfaction?
Any time you invest significant resources into a decision, such as going back to school, you probably have desired outcomes in mind. If you’re thinking about going to college to finish your degree (or for the first time) or going to grad school, you may be hoping to receive a promotion or get a better or more satisfying job, which is reasonable. But, it’s also important to consider whether those accomplishments will really make you happier.
A lot of the things in work that make us happy are intangible: a work culture and community that aligns with your values, work-life balance, or a boss you work well with. Having said that, you might need an advanced degree to get into companies and positions that provide these essentials.
Keep this in mind when deciding if going back to school is the right decision to make.
Will My Investment in This Degree Be Worth the Cost?
To determine the answer to this question, you’ll want to try to calculate what your financial return on education (ROEd) might be. To do this, you’ll first need to research the salary potential for someone with the degree you’re considering. You can then look at the costs involved to determine if, and when, the investment will likely pay off.
According to data from the National Center for Education Statistics, workers aged 25 to 34 with bachelor’s degrees earn, on average, 55% percent more than those who completed high school; those with master’s or higher degrees earn around 21% more than those with bachelor’s degrees.
How to Finance Going Back to School as an Adult
If you decide going back to school is worth the cost, the next step is to figure out how to pay for the program of your choice.
Explore Private Scholarships
First, you can conduct a scholarship search and explore foundations and organizations that may provide funding to you based upon your professional credentials, your community, religious affiliation, and/or ethnicity, etc. Also, you could check to see if your employer offers tuition reimbursement or any scholarship or grant programs that can benefit you.
Federal Financial Aid
It’s also a good idea to fill out the Free Application for Federal Student Aid (FAFSA®). This will give you access to financial aid, including grants, scholarships, work-study, and federal student loans. If you’re looking into grad school, keep in mind that graduate or professional students are typically considered independent students for the purposes of completing the FAFSA form. This means you generally are not required to provide parent information.
Grants and scholarships are a form of gift aid and do not need to be paid back. Federal student loans need to be repaid, but come with benefits such as income-driven repayment plans and forgiveness programs.
Private Student Loans
If financial aid isn’t enough to cover the cost of going back to school, you might look into getting a private student loan. These are available through private lenders, including banks, credit unions, and online lenders. Loan limits vary from lender to lender, but you can often get up to the total cost of attendance for an undergraduate or graduate program. Interest rates vary but borrowers who have strong credit generally qualify for the lowest rates.
Keep in mind, though, that private loans may not offer the borrower protections — like income-based repayment plans and deferment or forbearance — that automatically come with federal student loans. 💡 Quick Tip: Master’s degree or graduate certificate? Private or federal student loans can smooth the path to either goal.
Refinancing Existing Student Loans
If you’re heading back to school and have existing student loans from your undergraduate degree, refinancing might allow you to qualify for a lower interest rate. This can either help you pay off the loan faster and/or decrease how much you pay each month. You can also lower your monthly payments by refinancing for a longer loan term. However, this will result in paying more interest overall.
You can refinance private or federal student loans. It’s important to note that when you refinance federal student loans with a private lender, you forfeit certain federal benefits, such as forbearance and forgiveness programs.
What Is Student Loan Entrance Counseling?
If you plan to go back to school as an adult and take out federal student loans, keep in mind that all federal borrowers must go through student loan entrance counseling. This is a short, online course that is designed to help ensure students understand the responsibilities and requirements that come with borrowing student loans. It highlights the terms and conditions of borrowing a loan, and also emphasizes borrower rights.
The federal government conducts student loan entrance counseling online. You can get details on the course by logging into your account on the Federal Student Aid website.
The Takeaway
When evaluating whether or not going back to school is worth the cost, you’ll want to factor in things like your career goals, the anticipated job market after graduation, typical program costs, and average salaries for the career you are pursuing with the degree.
Going back to school is a personal choice. While it typically comes with added expenses, you may decide that the potential returns make it well worth the investment.
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.
We’ve Got You Covered
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Private Student Loans Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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.
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.
The question of whether parents should pay for their children’s college education is a complex and multifaceted issue. It involves not only financial issues (namely, can you afford to?) but also ethical and personal considerations. While many parents aspire to pay 100% of their children’s college expenses to allow them to graduate debt-free, others feel that it’s important for kids to have some skin in the game.
If you’re weighing this issue, you’ll want to consider both the reasons for and against paying for your kid’s college education. Here’s a closer look at both sides of the argument.
Why Parents Pay for College
Some parents feel it’s their duty to cover the cost of their child’s college education. Here’s a look at some arguments in support of that viewpoint. 💡 Quick Tip: Fund your education with a low-rate, no-fee SoFi private student loan that covers all school-certified costs.
Giving Your Child a Head Start
The average student borrows over $30,000 to pursue a bachelor’s degree, according to the Education Data Initiative. That’s no small sum. Students who graduate debt-free generally have a leg-up on achieving their professional and financial goals. They can consider taking a job based on their career aspirations, rather than the one that pays the most. They also have the freedom to put all of their financial resources into other goals, such as building an emergency fund or buying a home.
Helping Your Child Stay in School
When you send your child off to college, you likely expect them to emerge with a bachelor’s degree. But recent research shows that only 62% of college students graduate within six years. Among those who leave school, a significant number cite financial reasons for their decision. Taking the college bill off your child’s plate may help them stick to the program.
Allowing Your Child to Focus
Getting a job can help your child cover some of their tuition costs, but if they have to work too many hours, it can make it difficult for them to focus on their studies. Paying for their education can give them a better chance of getting good grades and possibly qualifying for academic scholarships. They may even be able to take on a bigger course load every semester and graduate early.
Why Parents Don’t Pay for College
While many parents believe they should pay for college, others feel that students should be responsible for investing in their own education. Here’s a look at some reasons why parents shouldn’t pay for college.
It Could Threaten Your Retirement
If you can afford to save for a healthy retirement and pay for college, you’re in good shape. But if you feel like you have to choose between the two, paying for college and not saving for retirement could force you to work longer or leave the workforce with less money than you might need.
There are many different types of student loans available for college, but there’s no such thing as retirement loans to help you get by.
It Builds Responsibility and Accountability
Having your child contribute to their education through part-time jobs and loans can help foster a sense of responsibility and ownership. They may value their education all the more — and work as hard as they can — knowing how much this opportunity costs.
It’s a Good Teaching Moment
Helping your child figure out their college financing and teaching them good financial habits now can help them continue those habits after they graduate. If you cover everything for them, they may have a difficult time transitioning to life after college and may end up coming back to you for help.
How Parents Paying for College Can Get Financing
If you’re interested in footing some or all of the bill for your child’s college education, you have a few different funding options. Here’s a closer look.
Savings
One way to help students pay for college is to put some money aside each month in a 529 plan. Even if your child is already in high school, you can still open a 529 plan and take advantage of the federal (and sometimes state) tax benefits. Money in a 529 account grows tax-deferred and withdrawals are tax-free when used for eligible educational expenses. Any amount saved for college will reduce your child’s future student loan debt.
Parent PLUS Loans
The U.S. Department of Education offers PLUS Loans for parents that you can qualify for as long as you don’t have an adverse credit history. Parent PLUS Loans give you access to certain benefits, including the option to defer repayment while your child is enrolled at least half-time and for an additional six months after your child graduates. However, these loans also charge relatively high interest rates and upfront loan fees.
Recommended: Should You or Your Child Take Out a Loan for College?
Private Student Loans
If you have excellent credit and a strong, steady income (and your child doesn’t get enough federal aid), you may want to explore getting a student loan for parents with a private lender. Typically, you can get prequalified with a soft credit check with many lenders online to see what rate you qualify for and compare it to other lenders and Parent PLUS Loan options. 💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.
Financing Options for Your Child
If you’ve decided that you can’t or don’t want to fully pay for your child’s college education, here are some ways that your child can get the funding they need.
Grants and Scholarships
By completing the Free Application for Federal Student Aid (FAFSA ®), your child will automatically be considered for many federal, state, and institutional grants and scholarships. Scholarships are also available through private organizations and companies. To apply for these, your student will likely need to fill out a separate application for each one. To find more “free money” for school, your student may want to use an online scholarship search tool.
Part-Time Job
One good way to pay for school, especially if your child has a full or partial scholarship lined up, is to work part-time while in school. This can help pay for living expenses, books, or possibly even tuition. Working full-time during the summers can help to pay for the next year’s worth of expenses.
Student Loans
College students have a choice between federal and private student loans. In general, federal loans are better-suited for undergraduate students because they don’t require a credit check, have relatively low-interest rates, and offer access to income-driven repayment plans and loan forgiveness programs. Your child can apply for federal student loans by completing the FAFSA.
If federal student loans aren’t enough to cover your child’s full cost of attendance, however, private student loans may be another option. Just keep in mind that you may need to co-sign the loan application to help them get approved.
Carefully Consider All Your Options
There’s no right or wrong answer to the question of whether parents should pay for their child’s college education. It’s important to carefully consider both the benefits and drawbacks, as well as how much you can realistically afford to put towards your child’s college expenses.
The good news is that a school’s “sticker price” (published cost of attendance) often isn’t what you actually pay, since it doesn’t account for financial aid or scholarships that your child may receive. The actual amount students and/or parents need to pay is typically much lower than the published price. Students and parents can also tap federal and 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 Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Private Student Loans Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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.
[cd_ tax] 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.
If your parents are high earners, you might assume you won’t get any financial aid to help pay for college. But that’s not necessarily the case. The Department of Education doesn’t have an official income cutoff to qualify for federal financial aid. So, even if you think your parents’ income is too high, it’s still worth applying (it’s also free to do so).
Read on to learn how to get financial aid for college when you think your parents make too much money, as well as how to pay for college costs if you don’t qualify for financial aid.
Table of Contents
It All Starts With the FAFSA®
The first step to knowing whether or not you qualify for any financial aid is to fill out the Free Application for Federal Student Aid (FAFSA). Even if you think your parents make too much to qualify for financial aid, it’s a smart idea to fill out and submit this form.
For one reason, there’s no income cutoff for federal student aid, so you may be surprised by what you are able to qualify for. For another, the FAFSA gives you access to non-need-based aid, such as Direct Unsubsidized Loans and institutional merit aid. 💡 Quick Tip: You’ll make no payments on some private student loans for six months after graduation.
Who Determines Aid Amount and Type?
The financial aid office at your chosen college or career school will determine how much financial aid you are eligible to receive. Here’s a look at what goes into the decision.
1. The first factor considered is the cost of attendance (COA), or what it costs a typical student to attend a particular college or university for one academic year. Cost of attendance includes tuition and fees, as well as books, lodging, food, transportation, loan fees, and eligible study-abroad programs.
2. Then the school considers your Student Aid Index, or SAI (formerly called Expected Family Contribution, or EFC). Your SAI is an eligibility index number that results from the information that you provide in your FAFSA.
3. To determine how much need-based aid you can get, the school will subtract your SAI from the COA. Need-based aid includes Pell Grants, Direct Subsidized Loans, and federal work-study.
4. To determine how much non-need-based aid you qualify for, the school takes the COA and subtracts any financial aid you’ve already been awarded. Federal non-need-based aid includes Direct Unsubsidized Loans, Direct PLUS Loans, and TEACH Grants.
One big difference between subsidized and unsubsidized loans is when interest accrual starts. Because subsidized loans are need-based, the government covers any interest that accrues until loan repayment starts (typically six months after graduation). With unsubsidized loans, the interest starts to accrue from day one (though you don’t need to start making loan payments until six months after graduation).
You can estimate your eligibility for federal student aid by using either the Federal Student Aid Estimator or your school’s net price calculator (which you can find using the Department of Education’s search tool).
What Are Rules on Dependency, Divorce?
A student’s dependency status can make a big difference on their SAI. Not living with parents or being claimed on their taxes, however, does make you an independent student. To be considered independent for federal financial aid, a student must be at least 24 years of age, married, on active duty in the U.S. Armed Forces, financially supporting dependent children, an orphan (both parents deceased), a ward of the court, or an emancipated minor.
The rules regarding financial aid and divorce are changing for the 2024 – 2025 school year. The new FAFSA rules require the parent who provided the most financial support in the “prior-prior” tax year to complete the FAFSA application instead of the custodial parent. Prior-prior refers to the tax year two years ago from the beginning of the college semester. For the 2024 – 2025 award year, FAFSA would be looking at the 2022 tax year for this determination.
Other Routes to Meeting All Needs
The government isn’t the only path to money for school. Here are several other options you may want to consider.
Scholarships
The best thing about scholarships? You don’t need to pay them back. The second best thing is that they’re most often based on merit, not need.
So even if your parents make a good living, you may still be eligible. While many are awarded solely on academics, others are given for athletic talent, specific interests, or being a member of a specific group.
There are numerous college scholarships out there, offered by schools, employers, individuals, private companies, nonprofits, communities, religious groups, and professional and social organizations. To suss out scholarship opportunities you might be eligible for, talk to your high school guidance counselor, your college’s financial aid office, and/or check out one of the many online scholarships search tools.
An Appeal of Your SAI
If your financial aid offer is less than you need to be able to afford college, you are within your rights to appeal to the school’s financial aid director.
You might want to be prepared to back up your request with detailed information such as your SAI, the amount you’ll need to successfully attend school, or a change in circumstances that will affect your family’s actual ability to pay, such as a parent’s job loss.
Recommended: How To Write a Financial Aid Appeal Letter
Parent Loans
Parents can apply for a Parent Plus Loan through the Department of Education. These loans are available to parents regardless of income, provided they do not have an adverse credit history. For loans disbursed on or after July 1, 2023, and before July 1, 2024, the interest rate is 8.05%. This is a fixed interest rate for the life of the loan. There is also an origination fee of 4.228%, which is deducted from each loan disbursement.
Some private lenders also offer parent student loans. You can apply for a private parent student loan directly with the lender. Before signing up for a private parent loan, it’s a good idea to shop around to find the lowest student loan interest rate you qualify for. Some lenders have a pre-qualification process that allows you to see a personalized rate before the lender does a hard credit pull.
Both federal and private parent loans can be used to cover any gaps left over after scholarships, grants, and other financial aid have been applied, up to the full cost of attendance. 💡 Quick Tip: Parents and sponsors with strong credit and income may find much lower rates on no-fee private parent student loans than federal parent PLUS loans. Federal PLUS loans also come with an origination fee.
Private Student Loans
Private student loans are also available to students to help them cover the costs of higher education, and they could be a good Plan B if there’s a gap between the aid you received (including federal student loans) and the cost of attendance.
Private student loans don’t have federal benefits like income-driven repayment plans and forgiveness programs, and interest rates are typically higher than undergraduate federal student loans. However, unlike federal student loans, you can apply for them at any time of the year. Plus, you can typically borrow up the full cost of attendance, which gives you more borrowing power than you get with federal student loans.
Private student loans can have either a fixed or variable interest rate; rates are determined by the lender. Qualifying for a private student loan is based on the borrower’s creditworthiness rather than need.
The Takeaway
What happens if your parents make too much money to qualify for financial aid? You may have to shift course a little bit, but there are other ways to get help paying for all of the expenses of college, including merit-based scholarships, non-need-based federal student loans, and 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 Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
SoFi Private Student Loans Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.
Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
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.
Northwestern Mutual Donates $500,000 to Childhood Cancer Survivors and Siblings to Help Fund Higher Education Company awards scholarships to 50 students nationwide for the 2023-24 academic year; now totaling nearly $2 million in scholarships awarded to date The 2024 scholarship application is officially open – childhood cancer survivors and childhood cancer siblings can apply now … [Read more…]
If you’re considering pursuing a career as a veterinarian, you probably have tremendous affection and compassion for animals and want to help them via medical training. That probably means you’re considering attending veterinary school. Among the questions you may be wondering about are, How long is vet school? How do I apply? How much will vet school cost, and how can I afford it?
This guide will help you understand the process for how to become a vet and how you might afford this fulfilling career.
How Much Does It Cost to Become a Veterinarian?
The cost for a four-year veterinary school for in-state residents is over $200,000 while students with out-of-state tuition may pay more than $275,000, depending on the school, according to the VIN Foundation Student Debt Center.
While that’s a lot of money, getting a doctorate in veterinary medicine (DVM) can lead to a median salary of $103,260 a year according to the Bureau of Labor Statistics. A vet’s salary depends on what kind of practice they go into and where they are located.
How Long Does It Take to Become a Veterinarian?
The path to becoming a vet can vary, and the length of time it takes to become a vet can vary as well. In general, most vet schools are four-year programs for a DVM. Some, however, have accelerated programs and semesters and get the work done in three years.
Those pursuing a veterinary career path might also want to factor in how long it takes to complete the prerequisites. In general, that will require students to have a bachelor’s degree, which also takes around four years to complete. If you have already completed your bachelor’s degree but didn’t take the courses required for vet school, then you may need to pick up those credits as well before you start your applications.
That said, what follows are six key steps if you are wondering how to be a veterinarian. 💡 Quick Tip: Some student loan refinance lenders offer no fees, saving borrowers money.
6 Steps to Become a Veterinarian
The steps to becoming a veterinarian are often as follows:
Step 1: Check Off The Prerequisites
These points can help you move towards your degree as a veterinarian:
• The Veterinary Medical College Application Service resource will show you the list of prerequisite college courses that are generally required for students applying for veterinary school. Required courses for most veterinary schools include biology, chemistry, animal sciences, and advanced math.
• Students interested in pursuing vet school who are currently enrolled in undergrad may want to review their current course of study to be sure they are on track for vet school prerequisites.
• Another tip is to volunteer, get an internship, or do part-time work with an animal hospital, local business, or charitable organization that helps animals. See if your college has a prevet extracurricular club that could broaden your experience and help you learn more about the field.
Getting a lot of hands-on animal experience can help build your resume and help you make sure that you’re pursuing a career path that appeals to you.
Also, know that to file your vet school application, you’ll most likely be required to submit your undergraduate transcripts and provide a reference from a college professor or professional in the animal sciences.
Step 2: Determine How to Pay for School
Before you decide on which veterinary school you want to attend, consider evaluating what savings you have to put toward vet school and estimate what you may need to borrow in student loans or fund with grants and scholarships.
It’s important to think about veterinary school costs as you begin researching schools so you have a good idea of what your veterinary school debts may look like.
According to the most recent data from the American Veterinary Medical Association, the average educational debt among the 82% of US veterinary college graduates who take on debt was $179,505. While vets do earn a good salary once they find employment, that is a significant sum to consider.
Working a part-time job while attending school might help offset some of the vet school costs or the amount you have to take out in loans in order to cover living expenses, but it might be challenging to balance work and school, especially as your schoolwork increases.
Recommended: Why Your Student Loan Balance Never Seems to Decrease
Step 3: Research Veterinary Schools
Once you have an idea of how much money you have to pay for vet school, research the veterinary schools in the country. You’ll likely consider the location, costs, and the types of programs offered if you’re pursuing a specialty veterinary degree.
This step can be an important part of the journey on how to become a veterinarian. As you read above, it may be more affordable to attend a vet school in your state.
Also, check that the vet school(s) you are applying to are suited to the type of vet medicine you want to practice. For example, if you’d like to pursue a career working with horses, research schools that offer equine programs.
If you plan to pursue a general DVM degree, find an accredited veterinary program that fits the criteria most important to you, such as your budget or where you want to live.
Step 4: Apply to Veterinary Schools
Check out the schools’ admissions website to determine the specific graduate school application requirements. Some pointers:
• Most vet schools require students to submit scores for either the Graduate Record Examination (GRE) or the Medical College Admission Test (MCAT). Some schools may also require applicants to take the Biology GRE.
• You also might need a letter of recommendation or two, as noted above.
• Some applications may also require a personal essay.
• Once your application is received, there may also be an in-person interview.
Yes, the vet school application process can be involved and long. It can get expensive, too. Vet schools often charge a non-refundable application fee; many schools follow the fee structure set by the American Association of Veterinary Medical Colleges, which sets the first application fee at $227, and then each additional application fee is $124. 💡 Quick Tip: Federal parent PLUS loans might be a good candidate for refinancing to a lower rate.
Step 5: Attend Veterinary School
A three- to four-year vet med school degree often involves a few semesters of coursework, followed by clinical training and intense clinical training to gain hands-on training at one of the college’s affiliates.
Students can apply for scholarships and grants to help alleviate some of the costs of a veterinary degree. By managing your budget and minimizing extraneous expenses, you may also lower the amount of student debt you end up borrowing.
In order to practice veterinary medicine and become a veterinary, students will also need to study for and pass the North American Veterinary Licensing Examination (NAVLE). Generally, vet students take the exam during their senior year.
Step 6: Begin The Job Search
The experiences you had during clinical rotations can help you determine which area of veterinary medicine you want to go in. Options include private veterinary practice, vet hospital, research, education, diagnostics, or even public health with a DVM degree.
In general, it can be helpful to start looking for a job in veterinary medicine before graduating from vet school. After passing the NAVLE and graduating from school, you’ll be ready to hit the ground running if you have a job in place.
Having a job secured before you graduate may also provide peace of mind as you start thinking about student loan repayment.
The Takeaway
A career in veterinary medicine can be a rewarding one. You’re helping sick or injured animals heal, providing preventative care, and getting to interact with animals all day long. When it comes to discovering how to become a veterinarian, the process takes planning, dedication, and hard work.
Attending veterinary school can be a challenging but fulfilling journey. It’s also typically an expensive one. After graduating, refinancing student loans may be an option that can lower the loan’s interest rate, and potentially reduce the cost of borrowing in the long term. However, you may pay more interest over the life of the loan if you refinance with an extended term. Also, refinancing federal student loans means you forfeit some borrower protections, such as loan forgiveness and deferment.
Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.
With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.
FAQ
Where do veterinarians work?
Veterinarians work across the country and around the world in a variety of settings, such a s private clinics, animal hospitals, and zoos, or they may operate out of an office and then visit homes or ranches.
What does a veterinarian do?
A veterinarian cares for the health of animals, whether pets, livestock, or other animals. They diagnose and work to heal issues animals endure and may protect public health by doing so.
What’s the salary and job outlook for a veterinarian?
The median salary for a veterinarian is currently $103,260 a year according to the Bureau of Labor Statistics. The need for vets is seen as increasing, with a projected growth of 19.4% between 2021 and 2031.
What hours do vets work?
The hours a vet will work can vary tremendously depending on a specific job, type of employment, and location. Most vets work four to five days a week, eight to 10 hours a day.
SoFi Student Loan Refinance If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
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.
If you’re applying to business school and want to earn an MBA, you likely understand the importance of doing well on the Graduate Management Admission Test, or GMAT™. Strong scores may help you get into your dream program.
The three digit number that qualifies as a good score can depend on how competitive the program you’re applying to is. In general, a 660 or higher is considered a good GMAT score, but in some cases, over 700 may be needed.
In addition, schools take a look at your unique background when evaluating your application to help them build a well-rounded student body. As a result, what qualifies as a strong score varies by school and by applicant. Take a closer look here: Learn more about the GMAT, scores, and applying to business school.
How Is The GMAT Scored?
So if you’re deciding whether getting an MBA is worth it, you’re probably curious what score you’d need to be accepted.
Before considering what is a good GMAT score, know that the possible range is from 200 to 800. On average, test takers score 582, and half of all GMAT takers score between 400 and 660, according to the Graduate Management Admission Council™ (GMAC), which administers the exam.
Generally speaking, a good GMAT score is in the 660 to 800 range. For more competitive programs, you may want to aim for a score over 700. What is the highest GMAT score — a perfect 800 — is difficult to achieve, but can potentially counteract other weak points in a student’s application.
After taking the GMAT, students will receive a score report, which will feature five different numbers:
• Total score
• Quantitative score
• Verbal score
• Integrated reasoning score
• Analytical writing assessment.
Of those five the three that are most important are usually the total, quantitative, and verbal scores.
Here’s a breakdown of how each is calculated, according to The Princeton Review®:
Section
Score Range
How the Score Is Calculated
Total
200 to 800
This score is reported in increments of 10 and is calculated based on performance in the verbal and quantitative reasoning sections.
Quantitative
0 to 60
Based on the number of questions you answered, how many you answered correctly, and how difficult the questions you got right are. Reported in increments of one.
Verbal
0 to 60
Based on the number of questions you answered, how many you answered correctly, and how difficult the questions you got right are. Reported in increments of one.
Integrated Reasoning
1 to 8
Based on the number of questions you answered correctly, and reported in increments of one.
Analytical Writing Assessment
0 to 6
Based on an average of two scores assigned by two readers, and reported in increments of 0.5 points.
💡 Quick Tip: Ready to refinance your student loan? With SoFi’s no-fee loans, you could save thousands.
How to Figure Out Your GMAT Range
As mentioned above, the full GMAT range goes from 200 to 800. Though a score of 700 or more puts you in more competitive standing, what functions as a good score is relative. In other words, a good score for you is the one that helps you get into the program of your choice and advance your career goals.
• Students interested in attending a top B-school will generally need a high score. For example, 2025 incoming full-time MBA students at Stanford University had average GMAT scores of 738.
• However, if you’re interested in a less competitive program, you may be just fine with a score in the 500 to 600 range.
Here’s another way to look at it: What is a high GMAT score for someone applying to a less competitive B-school may be seen as low to someone applying to a top-tier program.
Before taking the GMAT, think about your career goals. What type of program do you want to attend to achieve your business objectives? Does the MBA program’s affordability factor into your decision-making process? Do you have the potential time and money required to train up to earn a truly lofty GMAT score?
• For example, someone aiming to be CEO of a Fortune 500 company, may want to attend a top-rated school.
• Those planning to lead a smaller business or even start their own enterprise might pursue a less competitive program.
To figure out just how competitive your scores need to be, research the programs you’re interested in. Some schools will post the average GMAT score of their students, which can help you see what you likely need.
It may also help to reach out to school admissions, alumni, and current students to find out what factors have a big impact on admissions.
Recommended: How Soon Can You Refinance Student Loans?
Researching Average Scores
When thinking about test scores, it’s possible to get too narrowly focused on that one number. Schools are looking at a student’s complete application to determine whether they’ll be a good fit.
However, you can certainly get a better idea of the types of students your target schools are admitting by researching average GMAT scores.
The easiest way to do this is to log on to the school’s MBA class profile web page, which may give you all sorts of information. You’ll likely find everything from the average GMAT test score to the number of applicants versus the number of enrolled students to demographic information.
Keep this in mind: The total score isn’t the only thing that schools look at, and the weight given to each of the five scoring sections on the test may vary from school to school.
For example, an MBA program with a focus in data science might zero in on your quantitative score more than other programs. Reach out to school admissions offices to find out if they give special weight to a particular score section.
Knowing the average scores of your target program can help you understand how competitive your score needs to be. 💡 Quick Tip: Federal parent PLUS loans might be a good candidate for refinancing to a lower rate.
How to Prepare for the GMAT
As you prepare for the GMAT — and to achieve your target score — it can be a smart move to give yourself a good amount of time to study. You may want to begin the process as much as six months in advance of taking the test. Common test prep advice suggests that it may take 100 to 120 hours or more of studying and taking practice tests to adequately prepare.
Keep in mind, you may be in school or working at the same time, researching graduate school scholarships, and living daily life. You don’t want to be stuck cramming for this test.
Set up a study schedule. Start by setting up a calendar on which you schedule study dates and times to take practice tests. Resist the urge to procrastinate.
Review the material for each section of the test at a time. You can access free practice tests online that give you an insight into the format and the types of questions you’ll be asked. Don’t get overwhelmed by trying to digest all sections at once.
Practice tests can help you identify areas that may require extra studying. They can also help you practice pacing. The GMAT is a timed exam, and time management is critical to finishing.
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Unofficial Scores: To Accept or Cancel?
When you complete your test, you’ll typically be shown your unofficial score right away and given a chance to accept it or cancel. You’ll only have two minutes to make the decision once you’re finished. You may, for example, cancel your score if you don’t meet a preset target.
It can also help to familiarize yourself with the application policy at your target(s) school. Some schools prefer to see every GMAT score, while others only request the top score.
Even if you accept your score (you’ll get your official score in about 20 days), you still have 72 hours to cancel it online if you change your mind. What’s more, if you cancel your score, you can study areas where you were weak and retake the test after 16 days.
If you feel as if you could use guidance as you navigate the test-taking and application process, some aspiring business students choose to hire an MBA application consultant.
What Business Schools Look At In Addition to the GMAT
A GMAT score that is on par with a program’s enrolled students can help demonstrate you are prepared for the academic rigors of the program. What’s a good GMAT score will, as noted above, vary depending on the school you want to attend.
That said, business schools look at other factors as well, including:
• Gender
• Demographics
• Your resume.
In particular, they may be looking for signals that students have what it takes to become good managers and business leaders. They may examine previous accomplishments, quantifiable achievements, and progression in a chosen career path.
But what about paying for grad school? That can impact which schools you may decide to apply to and which offer you accept. There are a variety of programs, from in-person to online, as well as courses of study designed for people who are already out in the work world and holding down a job.
As you consider all this, you will likely want to pay attention to the price tag. Especially if you will be in school full-time and not earning any money, it’s wise to consider the true cost of an MBA degree.
As you think about how to pay for an MBA, you may want to investigate any scholarships and grants you might qualify for.
The Takeaway
When applying to a business school, it’s critical to understand average GMAT scores, so you have a target to help you focus your studies and prepare for the test. The average score is currently 582, but what’s a good GMAT score may be 660 or even 700 or above, depending on the program to which you are applying.
If you are accepted to a business school program, you may need to take out student loans to pay for your education. After graduating, some students may refinance their student loans, which can help them secure lower payments, but if you refinance for an extended term, you may pay more interest over the life of the loan. Also, refinancing federal loans means they’ll no longer qualify for federal benefits or protections, so it may not always make sense to refinance.
Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.
With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.
SoFi Student Loan Refinance If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
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.
Nursing can be a rewarding career in a couple of important ways. It involves caring for the health of others and helping them through what can be a challenging moment in their lives, which can be satisfying. A nursing degree can mean job stability as well. According to the Bureau of Labor Statistics, demand for nurses will increase at 6% per year, faster than the average career growth. And here’s one other important fact: The average registered nurse salary is at a median of $81,220 per year. Compare that with the median US salary for the same period of $54,132, and you can see that nursing can be a lucrative career, too.
The average nursing salary will vary depending on the type of nursing you do. For instance, there’s the average nurse salary vs. the average registered nurse salary vs. the average nurse practitioner salary. Qualifications and other factors will determine how much you make as a nurse.
Read on to learn more about this important topic. The information that follows can help you decide if nursing is the right career path for you, and, if so, which type of nursing you want to pursue.
Average Salaries for Different Types of Nurses
Wondering, “How much do nurses make?” First, understand that when considering nursing as a career, it’s vital to know about the different types of nurses. Each has its own education and certification requirements.
• A licensed vocational nurse (LVN) or licensed practical nurse (LPN) is one of the lowest-paid jobs within the nursing field. Job responsibilities are typically similar for LVN and LPNs. California and Texas use the term LVN, while the rest of the country uses the designation LPN. These positions also have the lowest educational requirements.
While LVN/LPN roles don’t always require a college education, there are usually state-approved training certification programs. Most of these courses take aspiring LVN/LPNs one year to complete, and then they must pass the NCLEX-PN examination for state licensing. How much does a nurse make a year with this kind of credential? The average salary for LVN/LPNs as of 2023 was about $50,580 annually.
• Aspiring registered nurses (RN) typically need a bachelor’s or associate’s degree from an accredited program. There are also some accelerated programs available and some second degree programs for students who already have a bachelor’s degree in another field.
After successfully completing their chosen coursework, nursing students must then pass the NCLEX-RN exam in order to become a certified RN. In addition, RNs usually must obtain a state license after passing the NCLEX-RN exam.
To drill down on the details here, know that each state has its own licensing board. You may want to research the specific requirements in the state where you plan to practice. How much do RNs make? The average RN salary as of 2023, as noted above, was approximately $88,220 per year. (Below you will find state-by-stage nursing salaries, though not specifically for RNs.)
Next, consider the career of a Clinical Nurse Specialists (CNS). This type of nurse has gone a step beyond RN and pursued additional education. At a minimum, you must have a master of science in nursing (MSN) to become a CNS.
A CNS typically trains extensively in a specialty area, such as emergency medicine, oncology, or women’s health. At the end of 2023, the average salary for a CNS was $99,148 annually, which is higher than the RN salary, reflecting the additional education and skills.
• A Nurse Practitioner (NP) holds an advanced degree, but their responsibilities vary slightly when compared with a CNS. For example, in most states, a nurse practitioner is able to prescribe medication, while a CNS is not. The average nurse practitioner salary at the end of 2023 was $124,680 annually. 💡 Quick Tip: Ready to refinance your student loan? With SoFi’s no-fee loans, you could save thousands.
Average Salaries and Location
Here’s another factor that can impact the average nurse’s salary: location. After all, wages and overall cost of living can vary dramatically depending on whether you live in, say, a small town or close to a pricey urban center.
Check this chart to see how average nurse salaries compare state by state. Note that these figures reflect LPN salaries, which are at the lower end of the spectrum, but they can give you an idea of how much nurses make by location. This could be good information to consider when deciding where to practice.
State
Mean Annual Nurse Salary
Alabama
$45,260
Alaska
$66,710
Arizona
$61,920
Arkansas
$45,990
California
$69,930
Colorado
$60,310
Connecticut
$62,620
Delaware
$57,360
District of Columbia
$62,010
Florida
$53,780
Georgia
$50,830
Hawaii
$55,730
Idaho
$54,710
Illinois
$58,840
Indiana
$55,850
Iowa
$51,400
Kansas
$51,700
Kentucky
$49,570
Louisiana
$47,430
Maine
$55,830
Maryland
$60,180
Massachusetts
$68,170
Michigan
$57,180
Minnesota
$54,870
Mississippi
$45,020
Missouri
$49,500
Montana
$52,420
Nebraska
$52,080
Nevada
$63,910
New Hampshire
$63,550
New Jersey
$61,990
New Mexico
$59,400
New York
$57,560
North Carolina
$53,010
North Dakota
$53,080
Ohio
$52,330
Oklahoma
$48,090
Oregon
$66,190
Pennsylvania
$54,520
Rhode Island
$66,770
South Carolina
$51,060
South Dakota
$46,000
Tennessee
$46,540
Texas
$52,850
Utah
$55,790
Vermont
$57,150
Virginia
$52,790
Washington
$69,950
West Virginia
$45,530
Wisconsin
$52,610
Wyoming
$54,880
How Much Does it Cost to Get a Nursing Degree?
The cost of getting a nursing degree varies based on the type of nursing program you choose. Each of the nursing positions listed above requires different degrees and certification.
• The process to become an LVN/LPN generally costs between $1,000 and $5,000.
• Taking an RN two-year associate’s program can cost $3,500 per year at public institutions; $15,470 per year at private schools.
• An alternative is to become an RN through a four-year bachelor’s program. This process works similarly to most other bachelor’s degree programs and typically costs the same as a four-year college or university.
• In addition to having already been an RN, both CNS and NP careers require advanced degrees. Typically, a masters of science in nursing (MSN) is required for both positions, which can cost between $18,000 to $57,000 in total.
• Some choose to further their education, becoming a Doctor of Nursing Practice (DNP). These degrees can be expensive but also have the potential to increase a nurse’s salary. After a master’s degree, expect to pay an additional $20,000 to $40,000, but your nursing salary is likely to rise, too.
There are usually costs beyond nursing school tuition. You’ll likely have to buy textbooks and supplies like a lab coat, scrubs, and a stethoscope. Many programs also charge additional lab fees each semester. Many schools will require nursing students to take out liability insurance and get some mandatory immunizations.
After graduating from your chosen program(s), you’ll also likely want to factor in the cost of licensing and exam fees as you enter the job market. 💡 Quick Tip: When refinancing a student loan, you may shorten or extend the loan term. Shortening your loan term may result in higher monthly payments but significantly less total interest paid. A longer loan term typically results in lower monthly payments but more total interest paid.
Paying for Your Nursing Degree
Becoming a nurse can be a pricey process, depending on the path you choose. But there are options available to help students pay for their nursing degree. The American Association of Colleges of Nursing has a database of scholarships for nursing schools. As you may know, scholarships don’t need to be repaid. This can make them an especially valuable resource in making ends meet as a nursing student.
In addition, federal aid, including grants, scholarships, work-study, and federal student loans could provide some relief. To apply, students must fill out the Free Application for Federal Student Aid (FAFSA) each year.
Student Loan Forgiveness Options for Nurses
There are a number of student loan forgiveness programs available to nurses. Keep in mind that each typically has its own program requirements, so it’s helpful to review them closely to determine whether you qualify.
• Public Service Loan Forgiveness (PSLF) forgives certain federal Direct loans after 10 years of qualifying, on-time payments. This program is open to borrowers who work for a qualifying organization. You can find details online about qualifying for the PSLF program to see if you could benefit from it.
• The NURSE Corps Loan Repayment Program will repay a portion of a nurse’s eligible student loans when they work full time at a Critical Shortage Facility or as a faculty member at a qualifying nursing school. Those accepted by the program are eligible to have 85% of their outstanding loan balances forgiven over a two-year commitment.
• The National Health Service Corps Loan Repayment Program provides loan forgiveness to qualifying nurses who commit to working for two years in clinical practice at a National Health Service Corps site.
Repaying Student Loans after Nursing School
If you borrowed federal or private student loans to help you pay for nursing school, developing a repayment strategy can be valuable. Not only will it set you on a path to repaying your debt, it can teach you valuable budgeting skills as well.
If you don’t qualify for any of the available loan forgiveness options, federal student loans come with a few different student loan repayment plans so you can find the option that works best for your budget.
If you relied on private student loans to help you pay for your tuition at nursing school, you may want to review your repayment terms. Each lender will determine their own terms and conditions for the loans they lend.
As you develop a game plan to help you repay your student loans, one option to consider is student loan refinancing.
When you refinance a loan, you take out a new loan with new terms. This loan can then be used to repay your existing loans. If you borrowed multiple loans, that means you could have the option to consolidate them into one single monthly payment — potentially with a lower interest rate.
However, it’s important to keep in mind a couple of factors:
• You may pay more interest over the life of the loan if you refinance with a longer term.
• If you are considering refinancing federal student loans, know that they come with an array of benefits and protections that are forfeited if you refinance.
To see how refinancing could impact your student loan, you can take a look at this student loan refinancing calculator.
The Takeaway
Nursing can be a challenging but rewarding profession, and the average nurse salary could provide a well-paying career. How much do RNs make? The typical salary currently tops $88,000. There are different kinds of nursing degrees and positions, so it’s wise to do your research to understand what each one requires and which might best suit your needs. Also, financing your education as a nurse can also need research to understand the obligation and how you might fund it.
Looking to lower your monthly student loan payment? Refinancing may be one way to do it — by extending your loan term, getting a lower interest rate than what you currently have, or both. (Please note that refinancing federal loans makes them ineligible for federal forgiveness and protections. Also, lengthening your loan term may mean paying more in interest over the life of the loan.) SoFi student loan refinancing offers flexible terms that fit your budget.
With SoFi, refinancing is fast, easy, and all online. We offer competitive fixed and variable rates.
SoFi Student Loan Refinance If you are a federal student loan borrower, you should consider all of your repayment opportunities including the opportunity to refinance your student loan debt at a lower APR or to extend your term to achieve a lower monthly payment. Please note that once you refinance federal student loans you will no longer be eligible for current or future flexible payment options available to federal loan borrowers, including but not limited to income-based repayment plans or extended repayment plans.
SoFi Loan Products SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
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.