Student Loans

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Federal Family Education Loan Program (FFELP) loans are federally backed loans that were originally funded by private companies. The FFEL Program ended in 2010 to pave the way for Federal Direct Loans, but many borrowers still have them. If you took out federal student loans prior to 2010, you may have a FFELP loan.

These older loans may have a high interest rate and don’t qualify for certain federal student loan benefits and forgiveness programs. As a result, you may want to consider consolidating or refinancing FFELP loans.

Read on to learn how you can find out if you have a FFELP loan and, if you do, what your options are in terms of repayment, forgiveness, consolidation, and refinancing.

Does the Federal Family Education Program Still Exist?

Congress discontinued FFELP loans in 2010 and no new loans have been issued under the program since July 1, 2010. At that time, FFELP was replaced by the Federal Direct Loan Program.

Even though no new FFELP loans are being issued, they are far from paid off. As of June 2023, there was a total of $191 billion in FFELP loans remaining with 8.5 million borrowers. Borrowers of these loans are still responsible for making these payments, lenders are required to service them, and the federal government still insures them.
đź’ˇ Quick Tip: Ready to refinance your student loan? You could save thousands.

What Are FFELP Student Loans?

FFEL Program loans are student loans that were issued by commercial lenders but guaranteed by the federal government. That means if a borrower defaulted, the government would pay the lender an interest subsidy to make up for the loss.

The FFEL Program included:

•   Subsidized Federal Stafford Loans

•   Unsubsidized Federal Stafford Loans

•   Federal PLUS Loans (also known as FFEL PLUS Loans)

•   Federal Consolidation Loans (also known as FFEL Consolidation Loans)

The federal government purchased some lenders’ FFELP portfolios during the Great Recession (2007-2009). As a result, some FFEL Program debt is owned by the government. However, the majority of FFELP loans are privately held.

All federal student loans issued now are from the Direct Loan Program, which includes the same types of loans listed above. However, there are big differences in how the program is administered. The federal government itself now draws on its own capital to directly lend to students, while several federal contractors take care of servicing the loans.

Borrowers with FFELP loans might have had different terms and benefits compared with Direct Loans.

Recommended: Private Student Loans vs Federal Student Loans

How Do I Know if I Have FFELP Loans?

If you have federal student loans from prior to July 2010, you probably have FFELP loans.

To find out if you have a FFEL Program loan, simply log in to your studentaid.gov
account. Under the “Loan Breakdown” section, select “View Loans” to see the list of loans you’ve received. If a loan has “FFEL” at the front of its listing, it’s a FFEL Program loan.

Understanding Your FFEL Loan

If you have a FFELP loan, the biggest difference from a Direct Loan is the source of the money — you received it from a private lender instead of the federal government. Within the FFELP, you can have one of these types of loans (which are no longer offered):

•   Subsidized Stafford Loan This is a loan for undergraduate students where interest is covered by the federal government while the student is in school at least half-time, and during grace or deferment periods.

•   Unsubsidized Stafford Loan This is a loan for undergraduate, graduate, and professional degree students where interest is charged during the entire life of the loan.

•   Federal PLUS Loan This is a loan for either parents of dependent undergraduate students or for graduate or professional students. Interest is charged for the entire loan period.

•   Federal Consolidation Loan This is a loan designed for borrowers to combine multiple federal student loans into a single loan with a single payment.

If you’re not sure what type of loan you have, one place to look is the National Student Loan Data System . This database houses everything you need to know about your federal student loans, including your interest rate, balances, and payment plans.

Are FFEL Loans Eligible for Forgiveness?

FFELP loans are eligible for Income-Driven Repayment (IDR) forgiveness. With this plan, your monthly payment is based on your income and family size and after making payments for 20 or 25 years, the remaining loan balance is forgiven. The only exception is FFELP loans for parents, which do not qualify for this repayment plan.

However, FFELP loans are not eligible for:

•   Public Service Loan Forgiveness (PSLF)

•   Pay As You Earn (PAYE)

•   Saving on a Valuable Education (SAVE) — formerly the REPAYE Plan

•   Income-Contingent Repayment (ICR)

To access these programs, you’ll have to consolidate FFELP loans into a federal Direct Consolidation Loan.

Can I Still Consolidate or Refinance My FFEL Loans?

Yes, you can still consolidate or refinance your FFEL loans.

Most types of FFELP loans can be consolidated into a Direct Consolidation Loan. If you choose to consolidate, you may become eligible for additional income-driven repayment plans that offer loan forgiveness after 20 or 25 years of repayment. You can repay a Direct Consolidation Loan using the PAYE, SAVE, or ICR repayment plans.

Consolidating your FFEL loans also opens up access to PSLF, which forgives your remaining loan balance after 120 payments while working in a public service job.

In addition, consolidating multiple federal student loans simplifies and streamlines repayment, since you’ll only have one monthly payment to make.

However, student loan consolidation involves some risks. These include losing previously earned PSLF and repayment plan forgiveness credit. (However, the federal government has waived this penalty for those who consolidate before the end of 2023.)

It’s also important to understand that consolidation most likely won’t save you any money. Your new interest rate will be the weighted average of your federal loans’ interest rates, rounded up to the next one-eighth of the percentage point. While consolidation may extend your repayment term (and lower your payment), an extended repayment term means paying more in interest in the long run.

You also have the option of refinancing your FFELP loans. This involves getting a new student loan with a private lender and using it to pay off your FFELP student loans (you can also fold in any other private or federal student loans you may have).

If you have excellent credit, student loan refinancing may allow you to qualify for a lower interest rate. This is especially true of older federal loans, which were made at higher interest rates. Just keep in mind that refinancing federal student loans with a private lender will cause the loans to lose federal protections, such as forbearance and forgiveness programs.
đź’ˇ 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

The Federal Family Education Loan Program, or FFELP, was a loan program in which the U.S. Department of Education worked with private lenders to provide student loans that were backed by the federal government. The program ended on July 1, 2010, but if you have federal student loans from prior to that date, you may have a FFELP loan.

To become eligible for federal programs like PSLF and the new SAVE repayment plan, you’ll need to consolidate your FFEL loan into a Direct Consolidation Loan. If you’re looking to save money on your FFEL loan, you may want to explore refinancing the loan.

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.

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.

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While a college education can help prepare students for life, taking advantage of the professional network college offers can help launch your career. Whether trying to land a summer internship, get that first job out of college, or apply to graduate school, a letter of recommendation from a professor can be helpful.

Although requesting this is common practice, it can still feel nerve wracking to broach the subject. Keep reading to learn helpful tips to receive a glowing letter of recommendation from a professor.

1. Asking a Professor Who Knows You and Your Work

There are several factors to consider when deciding who you’ll ask for a letter of recommendation. Taking stock of which professors actually know your interests and goals, not just your name, is something to consider right away.

A strong letter of recommendation can involve praising a student’s personal character and highlighting their goals and ambitions. For this reason, choosing a professor you’ve personally interacted with, whether through class discussions or during office hours, could be beneficial.

If you’ve taken several courses with a professor, they may be able to showcase how you’ve grown throughout your time in college.

Since a professor will also be attesting to your academic merit, it can be helpful to start by identifying who has seen samples of your strongest work throughout college. For example, a personal essay or in-person presentation that earned a strong grade might indicate that a professor valued your work.

2. Choosing a Professor Who Specializes in Your Field

Although a letter of recommendation is foremost about your own skills and attributes, also of benefit can be a professor’s own credentials within an industry or academic field you are targeting.

A letter of recommendation from an esteemed and notable professor could help you stand out in a competitive group of applicants.

Many professors have built up extensive networks from academic conferences and working with faculty at other universities and in the private sector.

Though they may not have contacts at the company, organization, or university you’re applying to, their advice and connections in a specific sector or academic discipline could prove valuable as you begin your job search. As academic professionals, they may have insight on the return on education for different graduate degrees and careers.

Often, jobs or graduate school applications require submitting more than one letter of recommendation. Choosing a combination of references who can highlight your strengths and character and carry respect in your desired field could further enhance your candidacy.

3. Asking in Person, if Possible

Given the importance of the request, asking in person can show that you’re serious about your future and respectful of a professor’s time.

For students currently enrolled in school, finding time to ask a professor for a letter of recommendation may be as simple as making an appointment during their office hours.

If you’re studying abroad or have already graduated, reaching out via email may be your only feasible option for starting the conversation. To further demonstrate your commitment, you might ask to arrange a phone or video call.

4. Making a Personalized and Specific Request

The average college has a student to faculty ratio of 14-to-1, so it’s not uncommon for professors to have several students ask for letters of recommendation each year. Still, that doesn’t mean every request is guaranteed a response or agreement to receive a recommendation.

Out of consideration for a professor’s busy schedule, making a request that’s tailored to them and clearly outlines what you need may increase your chances of success.

To personalize the request, consider reminding them which of their courses you took, a key project or assignment, and how they influenced your academic and career goals. Next, providing a concise explanation of the position or program you’re applying for and what it means to you is an opportunity to convey your own professionalism and passion.

Since writing a letter of recommendation is a favor, sending a courteous request that allows a professor to opt out could help avoid a lukewarm reference. A well-crafted request makes it easy for the professor to quickly decide if they have enough knowledge about you and the position to write a letter of recommendation.

5. Providing Information to Write the Recommendation

Even if you have a strong relationship with a professor, the quality of the recommendation can benefit from supplemental information. For instance, providing a resume, college transcripts, personal statement, and a sample of work can help jog their memory and give them a blueprint of your experience and accomplishments to draw from.

It can be helpful to include a job description or, for a graduate program, admissions information. This could help a professor connect your academic knowledge and experience to the job or program’s desired qualifications and skills.

This is also the time to provide information and guidance for submitting a letter of recommendation. Some typical considerations to include are where to send the letter, any relevant deadlines, and to whom it should be addressed.

6. Giving Plenty of Notice

Asking your professor several weeks, if not months, before the recommendation is due can convey respect and appreciation for their time and effort and help ensure submission deadlines are met. Also, it can give you time to regroup and consider other options if a professor or two declines.

7. Keeping Them Updated Though the Process

Professors typically have busy schedules, so probably won’t keep thinking about your job search or grad school application after the letter of recommendation has been written and sent. Letting them know when you have interviews and other updates can help them be prepared should they receive a call from an employer or admissions office.

8. Saying Thanks and Staying in Touch

Besides creating good karma, thanking a professor is another opportunity to foster a good relationship with them. They might become a mentor to you, especially if you’re pursuing a job or education in the same field.

You might apply to another job or a graduate program in the not-so-distant future and want to ask for another recommendation from the same professor.

Instead of starting from scratch each time you apply for a new job, you may want to periodically update academic and professional references along your career path and as your goals change.

Not only can this make for an easier request and stronger recommendation next time around, it may lead to more professional opportunities and meaningful relationships.

The Takeaway

Keeping up with former professors can be a pleasant way to reminisce about college years. Another not-so-pleasant reminder can be student loans.

Like many students, you may have taken out loans to pay for college and/or graduate school. Refinancing your student loans may be an option to help with repayment.

Keep in mind, however, refinancing federal student loans with a private loan means the borrower forfeits all federal loan benefits, such as income-driven repayment plans, loan forgiveness programs, access to deferment or forbearance, and other forms of federal student loan debt relief.

On the flip side, refinancing federal student loans might offer lower interest rates or a shorter term.

With SoFi, student loan refinancing could reduce the overall cost of your student loans and get you out of debt sooner when refinancing to a shorter term. Applying online is free and can be done in a matter of minutes.

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.

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.

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

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Divorce is probably not the first word that comes to mind when you think about repaying your student loans.

But for married couples who are splitting up, debt — and who’s responsible for it — can be a very real factor in a divorce settlement. So how is student loan debt divided in divorce?

There isn’t one right answer to this question — it depends on countless factors, often including what state you live in and got married in, and whether you have a prenuptial agreement.

Before we start discussing how divorce impacts your student loans, we want to be clear that nothing in this article should be taken as financial or legal advice. This broad overview of student loan debt responsibility post-divorce doesn’t take your unique circumstances into consideration, which is why we recommend discussing the nitty-gritty details with a financial advisor or attorney.

That being said, let’s look at how divorce might impact student loans in various circumstances.

Addressing Separate Student Loans

When it comes to student loans, divorce can make things complicated. Separate loans are typically a little more straightforward, because if you’re the only name on the loan, you’re likely the only one responsible for repayment.

This is especially likely if the debt is in your name only and you took out the loan before you got married.

When you get a divorce, assets and debts are typically divided in part based on whether or not they are considered to be marital property (and this can vary by state, of course). You are typically responsible for loans taken out in your name before you were married, and likewise for your ex-spouse.

It can get a little bit more complicated if you or your spouse took out a student loan after marriage. These loans may be considered marital property, depending on state laws and the circumstances under which you took out the loans.

When addressing marital property, most states either use community property laws, which implies that property or debt taken on during a marriage is jointly owned, or equitable distribution laws, where the property or debt belongs solely to the spouse who initiated the purchase or debt withdrawal. In states with community property laws, marital assets and debts are split 50-50 between ex-spouses.

Most states have equitable distribution laws, which can make dividing assets or debt a touch more confusing. In these states, each spouse has a claim to an equitable share of marital property, which may not be split 50-50.

Courts have final say over what’s fair and equitable, and to determine that, they may look at a spouse’s earning potential, or the support one spouse provided while the other was in school, such as childcare or even the opportunity costs of putting their own education on hold. Furthermore, if, for example, you or your spouse took out loans that were used to support you both, that could also be a consideration in court.

Approaching Refinanced Loans

Here’s the thing: It’s not possible for a couple to combine their separate student loans into a joint, refinanced loan. However, you can refinance your own loans and have your spouse serve as your cosigner.

When might that happen? If, for example, one member of a couple wants to refinance their loans but doesn’t qualify, their spouse may decide to cosign the refinanced loan in order to help them qualify or secure a better rate.

When couples cosign on their partner’s loans, both spouses are on the hook for the debt. While this may work while a couple is together, it can make things complicated when your ex-spouse is the cosigner of your refinanced loan. This new loan is owned by the couple, and may be considered marital property subject to community property laws or equitable distribution laws.
💡 Quick Tip: Ready to refinance your student loan? With SoFi’s no-fee loans, you could save thousands.

Paying Your Part

In cases where debt is considered marital property, divorcing couples on good terms can decide how to divide student loan debt and have a court sign off on it. However, in some cases, ex-spouses may simply not be able to take charge of dividing things up, and the court can decide how the debt will be divided instead.

At this point, you’re losing the power of a combined income to pay off your loans, so you may need to consider strategies to help the newly single you afford your payments.

Refinance Your Student Loans

First, you may benefit from refinancing your loans to potentially secure a better rate or term. A better interest rate and shorter term might help you pay down your debt faster and could reduce the money you spend on interest over the life of the loan.

If you lengthen the term of your loan, you may be able to lower your monthly payments, which can help if your budget is strapped. However, longer terms typically mean you’ll end up paying more over the life of the loan.

Keep in mind that if you choose to refinance federal student loans with a private lender, you lose access to federal benefits, including income-driven repayment plans (discussed below) and student loan forgiveness.
đź’ˇ Quick Tip: When rates are low, refinancing student loans could make a lot of sense. How much could you save? Find out using our student loan refi calculator.

Use an Income-Driven Repayment Plan

Federal loans have income-driven repayment options that can also help you lower your monthly payments. These income-driven repayment plans have you pay a conservative percentage of your discretionary income, generally 10% to 20%, toward your student loans each month. And if you pay your loans off on one of the income-driven repayment plans for a period of 20 or 25 years, your remaining balance may be forgiven (though that forgiven balance will be taxed as income).

Remove Your Student Loan Cosigner, if Applicable

If you refinanced your student loans when you were married and your spouse was your cosigner, you could also consider refinancing a second time — as an individual. This could allow you to not only qualify for new loan terms or rates, but also ensure that your ex’s name is no longer tied to your student debt.

Staying on Top of Your Debt

Getting a divorce is rough, and having to deal with student debt at the same time can feel like adding insult to injury. The paperwork, lawyers, and courts involved with a divorce can make it easy for things to get lost in the shuffle. Trying to stay on top of your student loans and making regular payments is, of course, an important priority.

Whether you’re interested in refinancing in order to lower your payments and make some room in your budget for divorce fees, or you want to refinance without your spouse as a cosigner, SoFi can help. With just a single application, you can compare rates from top lenders in just a few minutes.

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.

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.

This article is not intended to be legal advice. Please consult an attorney for advice.

Tax Information: This article provides general background information only and is not intended to serve as legal or tax advice or as a substitute for legal counsel. You should consult your own attorney and/or tax advisor if you have a question requiring legal or tax advice.

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It’s no secret that student loan debt in the U.S. is soaring. A quick internet search will return countless headlines noting the rising debt total—now over $1.7 trillion.

In search of a possible remedy, Public Service Loan Forgiveness (PSLF) was created in 2007 when Congress passed the College Cost Reduction and Access Act.

What Is Public Service Loan Forgiveness?

Public Service Loan Forgiveness was developed to encourage graduates with federal student loans to pursue relatively low-paying jobs in public service, like teachers, nurses, or public interest lawyers, by helping them with their student loan debt — which may be higher than what their salary could allow them to repay.

At its core, the idea seems relatively simple. After 10 years of qualifying student loan payments while working in a qualified public service job, the remaining balance on a borrower’s student loans would be forgiven by the government.

But when the first batch of students became eligible for PSLF in 2017, 10 years after the program’s inception, it became clear that the guidelines were a little murkier than originally thought.

Data showed that nearly 99% of applicants were denied loan forgiveness. According to the Department of Education, 70% of the approximately 29,000 applicants that have been processed were denied because they failed to meet program requirements.

So, if you plan to pursue PSLF, it could be worth taking a few minutes to double check the program requirements and make sure you meet them all.

PSLF: The Requirements

In order to be considered for loan forgiveness, there are a few program requirements to meet. You can see all the requirements on the Federal Student Aid website , but here’s our high-level look.

Firstly, the borrower has to work for a qualifying employer — like a government agency or certain types of nonprofits.

They’d also have to work full-time. If they happen to be working a few jobs that all qualify for the program, it’s possible to work a cumulative total of 30 hours a week to meet the full-time employment qualification.

PSLF requires applicants to have a Direct Loan or a Direct Consolidation Loan and the loan cannot be in default. Also, 120 qualifying payments would have to be made on an income-driven repayment plan or the 10-year Standard Repayment Plan.

What Is a Qualifying Payment for Public Service Loan Forgiveness?

While it may seem easy to make qualifying payments for loan forgiveness, the process can be confusing at times and requires attention to detail from the borrower pursuing loan forgiveness.

Part of making PSLF qualifying payments is working for an employer who qualifies for the program. To confirm whether an employer qualifies, borrowers need to fill out the employment certification form. As borrowers work toward loan forgiveness in the program, they should fill out the employment certification form every year and every time they switch jobs.

If you’re considering applying to the program, double check the type of loans you hold and make sure they qualify for the program. To check, you can log into the Federal Student Aid website. For example, federal loans such as Perkins Loans or Family Federal Education Loans (FFEL) don’t qualify for PSLF.

However, if they are consolidated into a Direct Consolidation Loan, they may. Note that when loans are consolidated, any payments made prior to consolidation will not count toward the total of the 120 qualified payments required by the PSLF program.

You’ll also likely want to take a look at the repayment plan. In order to make a qualifying payment, the loan should be enrolled in a qualifying repayment plan, typically one of the income-driven repayment plans.

While the standard 10-year repayment plan does qualify for PSLF, by the time 120 payments have been made, the loan should be repaid, so there likely won’t be a balance left to forgive.

Don’t qualify for PSLF?
See if refinancing your
student loans is right for you.

Once program requirements are being met, making qualifying payments requires continued diligence. Qualifying payments must have been made after October 2007, when the program started.

Payments should also be for the “full amount due as shown on your monthly bill” and should be made no later than 15 days after the payment due date. Many loan servicers offer the option to enroll in automatic payments, which could potentially make it easier to pay on-time every month.

Another thing to note is that payments only count toward PSLF if they are “required payments.” This means that any payments made while a borrower has in-school status, during the grace period, or during periods of nonpayment like deferment or forbearance, won’t count as a qualifying payment for the PSLF program.

However, payments that were paused due to COVID-19 will count as though you made those payments.

A borrower will only receive credit for one payment per month. Making payments larger than the monthly minimum or making multiple payments a month doesn’t translate into reaching PSLF faster.

If a borrower pursuing PSLF plans to make an overpayment, it can be worth contacting the loan servicer to confirm the additional payment isn’t being applied to future payments.

A payment will only qualify toward PSLF if there is a payment due, so if a borrower has paid ahead, they may be unable to make a qualifying payment for that month.

For those volunteering with AmeriCorps or the Peace Corps, there are separate rules that make it possible for volunteers to use their Segal Education Award or Peace Corps transition payment toward their student loans.

In certain situations, volunteers in these programs are able to make a lump-sum payment that could count for as many as 12 PSLF qualifying payments.

Student loan qualifying payments don’t need to be made consecutively. For instance, if you had made a series of payments while employed with a qualifying employer, but then switch jobs and no longer work with a qualifying employer, you won’t lose credit for the PSLF qualifying payments you’ve already made.

After making 120 qualifying payments, borrowers can apply for loan forgiveness by filling out an application manually or digitally. After years of hard work, they’ll (hopefully) be able to celebrate the sweet victory of achieving student loan forgiveness.

Buyer Beware: Looking Out for Scams

There are many boxes to check as you pursue loan forgiveness and it can be tricky to navigate the intricacies of the program. But, there is help out there.

The Department of Education offers an online help tool for borrowers pursuing PSLF. It can give borrowers an idea of where they stand and assist them through the process of pursuing PSLF.

An important note, there is no fee associated with filing paperwork for PSLF. If you’ve been contacted by a service that offers to provide assistance for a fee, they’re likely not affiliated with the Department of Education. In a worst case scenario, it could be one of the many scams that prey on confusion and have grown in number as student loan debt increases.

Recommended: 7 Tips to Avoid Student Loan Scams

What If You Don’t Qualify for PSLF?

If pursuing loan forgiveness through PSLF isn’t an option for you, you can explore some alternatives to manage your student loans. One option available is student loan refinancing, which could give borrowers the ability to lower their interest rate or shorten their repayment term. Terms will vary based on personal financial situations.

Refinancing federal loans would eliminate eligibility for programs like PSLF and income-driven repayment plans, so it won’t be right for everyone. To see what refinancing could do for your student loans, take a look at SoFi’s student loan refinancing calculator.

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.

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.

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

Third-Party Brand Mentions: No brands, products, or companies mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third-party trademarks referenced herein are property of their respective owners.

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Source: sofi.com

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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.
đź’ˇ 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.
đź’ˇ 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.

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Source: sofi.com

Apache is functioning normally

Graduating college is a big deal. The time you spent in school has likely taught you a lot about the subjects you studied, being organized and meeting deadlines, and life in general. Once you have your degree, you’ll put those skills to good use as you embark on your career and independent life. No more dining hall, no more dorms…it’s time to launch adult life and figure out how to make your own way.

To help you deal with some of the basics (like a job and banking), read on. You’ll find valuable tips to help you through the first steps of post-grad life.

Life After College

Congrats on your degree! Now, on to the next challenge after graduating college. It’s time to tackle adulting, which can include such things as getting set up in your new living situation, finding your favorite brunch spot, and making new friends if your college pals have scattered to different places.

In addition, there are some major daily-life tasks to wrangle:

•   Finding and holding a job

•   Taking control of your health and your health insurance

•   Keeping your brain active, which may lead to more studies

•   Managing your money.

Read on to get some helpful advice on these last four topics (you can probably find the best brunch spot in your new neighborhood without too much help).
đź’ˇ Quick Tip: Enjoy no hidden fees and special member benefits when you refinance student loans with SoFi.

Getting to Work

Hopefully you enjoyed a few weeks off post-grad to travel or kick back and relax after four years of hard work. But what to do after college for many people is find work.

When you’re ready to begin your job search, it can be a lot to process. Chances are, it’s time to focus on taking steps towards building your career.

First off, don’t let job searching stress you out. New grads are in luck. Unemployment is low, and the labor market is strong. According to a recent survey by the National Association of Colleges and Employers, companies expected to hire almost 4% more class of 2023 grads than they did from the previous class.

Not sure where to look for work or what you should be earning? Research, network, and research some more.

•   Your school’s career services office may provide job leads, and its alumni office may be able to network you with people in your field who can share insights.

•   Search for jobs online. There are many job boards, such as Indeed and ZipRecruiter, to access.

•   Put out the word among friends, families, past internship supervisors, and others.

•   To gain intel on starting salaries, try an online salary calculator. You provide some basic info like your location and experience, and their tool tells you what the average salary for your desired role is. While this tool can only provide an estimate, it may help you determine if you should try to negotiate for a higher salary when you receive a job offer.

Taking Your Health into Your Own Hands

As part of learning how to navigate life on your own, make sure you take the reins of your healthcare. Mom and Dad likely aren’t scheduling those biannual dental checkups for you anymore.

Whether you’re still on your parent’s policy or are buying your own health insurance, getting more familiar with the resources your healthcare plan provides is never a bad idea.

It can help you stay on top of scheduling check ups, dental cleanings, and eye exams. You may also need to learn the ropes of finding in-network doctors as you move to a new place or get your own policy.

And you might want to start saving for any unexpected medical or dental bills that may arise. Having an emergency fund at the ready can be an important step to financial wellness in this new chapter of your life.

Speaking of wellness: You may feel swamped by post-grad life, but it’s such an important time to prioritize your well-being. It might be helpful to make time to go to the gym each week, meditate, cook healthy meals, and get a good night’s sleep. Getting into good health habits is an excellent adulting accomplishment.
đź’ˇ Quick Tip: Refinancing could be a great choice for working graduates who have higher-interest graduate PLUS loans, Direct Unsubsidized Loans, and/or private loans.

Continuing Your Learning

It’s normal after college to need a little break from learning. For the first time in your life, there is no one telling you what to read or what classes you have to take. But once the dust has settled and you’ve had a rest from hitting the books, you might try to prioritize learning. Not only does it keep your brain sharp, it can also help boost your career.

For example, you could consider obtaining a professional license related to your career or industry. According to the most recent intel from the Bureau of Labor Statistics, 24% of workers have some sort of professional license or certification. Having one may give you a competitive boost at work or while job searching. You can go the extra mile to develop more skills needed in your career through an online class or professional conference.

What’s more, additional learning and training could lead to a profitable side hustle or gig work. For instance, you might be able to pick up extra cash during tax season supporting professional tax preparers.

Learning-wise, not all of what you do after graduation has to go towards career advancement, of course. Take that cool history of film class at your local community college. Join a book club or just load up your bookshelf with books you’re dying to read. Exploring your passions can help you feel motivated, fulfilled, and inspired. Now is the time in your life to open doors, not close them.

Recommended: What Should I Do After My Master’s Degree?

Getting Your Finances Organized

Once you graduate from college and join the working world, it’s likely time to look at whether your current banking partner suits your needs.

It can be a wise move to look for a bank that offers a good interest rate on your deposits, convenient access, and tools that help you track your money in a quick and convenient way.

As you organize your money (and don’t forget to start that emergency fund mentioned above), you may realize that one expense that may really be bringing you down is your student loan debt payments.

The average federal student loan debt is currently $37,338, according to the Education Data Initiative. Is student loan debt weighing you down? There are a few strategies you can use to help pay off your student loan debt quicker. You might start your journey to a student loan-free life by creating a monthly budget that can help you get out of debt.

•   To create a budget that can assist with paying off debt, you could start by gathering all of your bills and recent receipts. Review exactly what you need to spend on necessary living expenses (rent, food, health insurance, minimum debt payments), how much you are spending on the wants in life (travel, entertainment, clothing), and how much you can save or put toward additional debt payment.

•   There are different budgeting methods, and it’s a good idea to spend a bit of time finding the one that works for you. For instance, you might like the 50/30/20 budget rule, which says to allocate 50% of your take-home pay to necessities, 30% to wants, and 20% to savings and extra debt payoff.

Whichever technique you choose, do compare the cost of your living expenses to your paystubs to see how much you can afford to pay towards debt each month. Creating a budget can help you not only pay off your debt, but avoid accumulating more debt in the future.

Recommended: Which Debt to Pay Off First: Student Loan or Credit Card?

The Takeaway

Once you have your monthly budget under control, you might be considering refinancing your student loans as part of how you navigate life post-college. You may be able to lower your interest rate, lower your monthly payments by extending your repayment term, or release a co-signer from a previous loan.

Do note that lengthening your repayment term can increase the interest you’ll pay throughout the life of your loan.

Refinancing comes with many benefits, but keep in mind that you lose federal benefits and protections when you refinance federal loans with a private lender. But if you are not planning on taking advantage of these benefits, refinancing might be for you.

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.

SOSL1123010

Source: sofi.com

Apache is functioning normally

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.

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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.
đź’ˇ 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.

Recommended: Tips to Lower Your Student Loan Payments

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.

SOSL1123008

Source: sofi.com

Apache is functioning normally

If you’re wondering where you go to pay off your student loans, you’ll first need to contact your loan servicer. If you aren’t sure who your loan servicer or loan holder is, you can contact the U.S. Department of Education for federal loans. For private student loans, you can contact the bank or lender who originated your loans.

Contact Your Student Loan Servicer

Before paying back student loans, graduates will have to figure out who their student loan servicer is. A student loan servicer is the company assigned by the U.S. Department of Education (federal student loan creator) to take care of the day to day servicing of a federal student loan. If a person needs to talk to someone about their federal student loan, they can reach out to the servicers instead of traveling to a government office.

Students don’t have to do anything for their loan to be transferred to a loan servicer. The federal student loan will be transferred to a servicer after its first disbursement. Once that happens, students should expect to be contacted by the servicer.

But, unexpected moves or outdated contact information could mean the servicer doesn’t reach you. If a student needs help figuring out who their servicer is, one option is to call the Federal Student Aid Information Center (FSAIC): 1-800-433-3243.

However, the FSAIC can only help students figure out their servicer if they hold federal student loans, not private student loans.

Another option for borrowers with federal student loans is to log into their Federal Student Aid account. From this portal, borrowers can access information on their student loan servicer.

Federal student loan borrowers can also check the National Student Loan Data System to find information about their loan servicer.

Once a student figures out their loan student servicer and contacts them, they can begin sorting through the repayment process. A loan servicer should help a student figure out how to repay loans free of charge.

Be warned, any federal loan servicer that asks for payment may be a scam, warns the U.S. Department of Education.

Recommended: How to Find Out Who Your Student Loan Lender Is

Grace Periods

A loan servicer can help students and graduates figure out when their loan repayment will begin. Most, but not all, federal student loans have a six-month grace period, or an allotted amount of time before a student has to start paying back the loan.

The student loan grace period generally begins once a student graduates, leaves school, or enrolls in class less than part-time. This time is meant for students to get in contact with their loan servicer and begin setting up a repayment plan so they don’t have to scramble post-graduation when so many other changes are happening.

Students should be aware that interest on their unsubsidized loans may be accruing during their grace period. For that reason, some students may decide to begin repayment before the grace period is up in order to keep the interest capitalization down.

Borrowers with subsidized student loans will not accrue interest on their loans during their grace period.

There are some circumstances that can extend or end a grace period early:

•   Being called into active military duty. This will restart the grace period, which will begin again once the student returns.

•   Going back to school before the end of the grace period. If a student goes back to school at least part-time, then they won’t have to repay their loans until they finish school, in which case they’ll have another six-month grace period.

•   Consolidating loans. If a student decides to consolidate or refinance a loan before the end of the grace period, they’ll start their repayment as soon as the paperwork is processed.

Selecting a Repayment Plan

During the grace period, students can work with their loan servicer and other online tools to figure out the right repayment plan for them.

There are several student loan repayment plans a student can choose from, depending on their finances and the type of federal student loans they have.

•   Standard Repayment Plan. All federal loan borrowers are eligible for this repayment plan. Payments are in a fixed amount each month and sets borrowers up to pay off their loan within 10 years.

•   Graduated Repayment Plan. This plan starts out with low monthly payments that gradually increase every two years. Payments are made monthly for up to 10 years for most loans (10-30 years for consolidated loans).

•   Extended Repayment Plan. In this plan, standard or graduated payments are made monthly, but at a lower rate over a longer period of time, typically 25 years.

•   SAVE. The Saving on a Valuable Education (SAVE) Plan is the newest income-driven repayment plan. Payments are calculated as 10% of a person’s discretionary income; starting in July 2024, that will drop to 5%, and some participating borrowers will see their loan balances forgiven in as little as 10 years.

•   Income-Based Repayment Plan. The income-based repayment plan allows for monthly payments that are roughly 10-15% of a person’s monthly income, but borrowers must have a high debt-to-income ratio to qualify.

•   Income-Contingent Repayment Plan. In the Income-Contingent Repayment Plan, eligible borrowers will make monthly payments based on the lesser value of either 20% of their income, or the “amount you would pay on a repayment plan with a fixed payment over 12 years, adjusted according to your income,” according to the Department of Education.

•   Income-Sensitive Repayment Plan. This plan is only available under a few federal loan programs. Payments are based on annual income, and the loan will be paid off within 15 years.

Depending on a borrower’s income and the type of loan they took out, they can work with their servicer to determine which student loan repayment plan might be the best course of action. If a borrower doesn’t reach out to their servicer to coordinate a repayment plan before the end of the grace period, they will be on the Standard Repayment Plan by default.

Start Repaying Student Loans

Once a repayment plan is selected and the grace period draws to a close, borrowers will begin making payments on their student loans.

Where a borrower will make their payment is dependent upon who their student loan servicer is. Most student loan servicers make it possible for borrowers to make monthly payments online, but it’s best to confirm that with the servicer before payments begin.

Most servicers also have an automatic payments set-up, where monthly payments are automatically debited out of borrowers’ accounts each month. Setting up automatic payments can help borrowers avoid missing a payment or racking up late fees.

Additionally, some federal student loans provide a discount when a borrower sets up automatic repayment online. For example, if a borrower has a Direct Loan, their interest rate is reduced by 0.25% when they choose automatic debit.

Repaying Private Student Loans

Private student loans are generally repaid directly to the bank or financial institution that issued them. Borrowers can check their statements to see who the loan servicer is. Generally, payments can be made online.

Refinancing with SoFi

When a borrower works with their student loan servicer, they can take advantage of free tools that might help them pay back their student loans quicker.

But, for some student loan borrowers, the existing interest rates and repayment plans offered by a servicer might not be the best fit.

In that case, borrowers may have the option of refinancing student loans. This can be helpful when there are multiple loans to pay off since refinancing allows borrowers to combine multiple loans into a new single loan and qualifying borrowers may be able to secure a lower interest rate.

Refinancing federal student loans eliminates them from all federal benefits and borrower protections, such as income-driven repayment plans and deferment. If you are or plan on using federal benefits, it is not recommended to refinance student loans.

SoFi’s student loan refinancing offers flexible terms and competitive interest rates. With no hidden fees or pre-payment penalties, borrowers can apply for refinancing in an easy online process — no phone calls required.

The first step to figuring out student loan repayment is figuring out who holds the loan, but with the right help, borrowers can have a plan set up to conquer their loans before the grace period is even finished.

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.

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Source: sofi.com

Apache is functioning normally

Majoring in science, technology, engineering and mathematics (STEM) isn’t the only way to land a job that makes college worth it.

A liberal arts degree can pay off, too — but you may need to put in more legwork than a STEM major would.

“Going to school and being a liberal arts major in and of itself is not going to give you the same outcomes as focusing on your career preparation in tandem with going through your college experience,” says Joshua Kahn, associate director of research and public policy at the National Association of Colleges and Employers (NACE).

If you want to major in English, history, sociology or another nontechnical field, here are some expert-approved tips to help make your liberal arts degree pay off.

Do your research before choosing a program

Before deciding on a college or specific degree program, research your post-diploma employment and salary prospects.

“Check out the schools that have really good internship rates for liberal arts majors,” Kahn says. “Ask about resources at their career center, and what they’re specifically doing for liberal arts majors.”

Research student outcomes at various colleges through the U.S. Education Department’s College Scorecard. You can also use the U.S. Department of Labor’s Occupational Outlook Handbook to compare average earnings across various industries and job functions.

Earnings data can help you determine how much to borrow for college. As a rule of thumb, aim for monthly student loan payments that won’t exceed 10% of projected after-tax monthly income in your first year out of school. So, a borrower who will make $50,000 a year should ideally take out no more than $29,000 in student loans.

Start career planning early

Start thinking about your future career as early as high school or your freshman year of college. You don’t need to know exactly what you want to do yet, but having a dream career in mind can help you build a path to your first job.

“Career-readiness is really an ongoing process. It’s not a one-time thing, so I think it’s really important for students to start out early,” says Leigh Anne Byrd, assistant director of career development and college relations at Virginia Tech, a large public university.

Work with a career counselor at your university or reach out to alumni for informational interviews about their jobs. And while researching, remember that your future career doesn’t need to align perfectly with your major — especially in the liberal arts.

“A student might think that, as a history major, maybe they need to go into education, but history majors can work in the media, they can work in business, they can do nonprofit work, they can work in the government or law,” Byrd says.

Get internship and work experience

Practical work experience is crucial to landing your first job. An internship helps you build a resume, professional network and new skills.

“Employers say that students with these experiential learning and internship opportunities are deciding factors for them when they’re making selections of who their hires should be,” Kahn says.

Doing undergraduate research with a faculty member, joining a study abroad program and job-shadowing are other ways to gain hands-on experience, Byrd advises.

Consider a second major, minor or certificate

While liberal arts majors have strong long-term salary prospects, STEM students earn more straight out of school: 99 of the top 100 programs that lead to the highest average salaries in the four years after graduation are in STEM, finance or economics, according to an April 2023 College Scorecard analysis of 36,000 undergraduate programs.

If you major in a liberal arts field, adding a second major, minor or professional certificate in a more technical subject could give you the biggest payoff.

Even if you don’t pursue a formal STEM certification as a liberal arts student, take as many elective classes as you can in areas like statistics, artificial intelligence and coding, says Mark Schneider, director of the Education Department’s Institute of Education Sciences.

“You have to follow your passion, but you better have some skills to put bread on the table,” Schneider says.

Market your skills effectively

Technical skills can help your resume shine. But employers also value liberal arts students for their soft skills, like critical thinking, communication, adaptability, cultural and ethical awareness and emotional intelligence, explains Anthony Pernell-McGee, executive director of career exploration and development at Oberlin College and Conservatory, a private liberal arts and music school in Ohio.

“Students who graduate from the liberal arts are lifelong learners,” Pernell-McGee says. “We hear from employers that our students may not have the business background, but within six months, they can learn it, and then they come to the table with the other core skills that the employers like their candidates to have.”

Reach out to your university’s career center for personalized help in marketing your skills. You can set up a one-on-one session with a career counselor, attend resume and interview workshops, get connected to your alumni network and access other resources.

Source: nerdwallet.com

Apache is functioning normally

The decision to become a physician assistant, or PA, is a noble but big one. PAs work at hospitals, medical offices, nursing homes, retail clinics, community health centers, and in the federal government.

Becoming a PA often means taking on student loans, which begs the question: Is PA school worth the debt?

Average Cost of PA School

In the 2019-2020 school year, the average cost of PA school was $56,850 for two years at an in-state school and $101,500 for an out-of-state school, according to the American Academy of Physician Assistants.

Before sticker shock sets in, the average salary of certified PAs in 2022 was $125,270 per year. Those working in outpatient care centers, one of the highest paying locations, average a mean annual salary of $137,040.

Once those salaries are claimed and regularly earned, there’s the matter of loan repayment. This guide will help readers consider strategies to handle PA school debt.

Recommended: How Much Does PA School Cost?

Physician Assistant (PA) School Repayment Options

Fortunately, there are options available for PAs who are mindful of interest and debt accumulating in their name. The big one is the federal government’s Public Service Loan Forgiveness program, which kicks in “if you are employed by a U.S. federal, state, local, or tribal government or not-for-profit organization.” PSLF forgives the remaining balance on Direct Loans after 120 qualifying payments (a big number that can often boil down to 10 years’ worth of payments) under a qualifying repayment plan.

Another option for PAs is an income-driven repayment plan. There are four plans to choose from, including Income-Contingent Repayment, Pay As You Earn, Revised Pay As You Earn, and Income-Based Repayment. Similar to Public Service Loan Forgiveness, the motivation for these plans is working toward student loan forgiveness — if PAs can’t qualify for PSLF, possibly because they work for a private employer, they could still receive loan forgiveness after 20 or 25 years of repayment under an income-driven repayment plan.
đź’ˇ Quick Tip: Some student loan refinance lenders offer no fees, saving borrowers money.

Other Payment Programs

There are also federal and state programs that reimburse health care workers in underserved areas, also called Health Professional Shortage Areas. The Health Resources & Services Administration offers a searchable online database of shortage areas by state and county, and a tool to check if a location has been officially designated as an underserved area.

Then there are State-based Loan Repayment Programs, whose financial incentive can vary depending on specialty. Colorado, for example, offers $90,000 for a full-time PA ($45,000 for a part-time PA), and PAs must “agree to work for a term of three years at an approved site, work part-time or full-time with a minimum of clinical contact hours, and also meet the hourly requirements during the entire service obligation.”

States vary in requirements and awards. The Health Resources & Services Administration also is of help in looking into SLRPs.

Planning for the Future

One way to minimize the shock of shouldering PA school debt is to build a budget — and stick to it. Although pretty much everyone knows that budgeting is a smart idea, few actually put it into practice: According to the National Foundation for Credit Counseling, more than half the population (56%) did not have a budget in 2021.

A simple way to create a budget is to list out all of your fixed expenses. Fixed expenses do not change month-to-month and include things like rent or mortgage payments, car payments, student loan payments, daycare costs, cell phone services, gym memberships, and more. Next, list out your variable expenses, which do change depending on the month. Variable expenses include food, gas, entertainment, utilities, clothing, and emergency expenses. If your income does not exceed your spending, create spending limits for your variable expenses. Make sure to budget for retirement, emergency savings, and other miscellaneous expenses that may crop up.

Refinancing School Debt

It’s no secret that pretty much any type of higher education career often means taking on considerable student loan debt. If it reaches a point where making real progress on repaying the loans feels nearly impossible, federal student loan repayment and forgiveness programs either don’t apply or aren’t the right fit, or personal loans are involved, then refinancing with a private lender might be a good option.

With refinancing, a new loan is used to pay off one or more existing federal or private loans. In addition to combining multiple loans into one, qualified borrowers may also land a better interest rate, reducing the amount they pay in interest over the life of the loan assuming the loan term does not change.

Recommended: Student Loan Refinancing Calculator

However, refinancing federal student loans with a private lender means a borrower is no longer eligible for many of the state and federal programs mentioned above, or other protections and benefits extended to federal student loan borrowers. Those looking to combine federal loans only can consider a student loan consolidation.

Refinancing Student Loans With SoFi

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.

SOSL0623051

Source: sofi.com