When it comes to paying college tuition, many students try to get creative. Some start side hustles out of their dorm room, convince their company to sponsor an advanced degree or apply to hundreds of scholarships. The latest tactic for paying that astronomical bill? Betting.
CNBC recently reported that about two-thirds of healthcare students were placing bets on prediction market platforms like Kalshi, hoping to use their winnings to pay tuition. Pursuing a healthcare degree is a major financial investment. The Association of American Medical Colleges (AAMC) reports that the median four-year cost of attendance for the class of 2026 is $297,745 at public medicalschools — and risesto $408,150 at privateinstitutions.
With a bill that big, it might feel incredible to win your way to a debt-free degree. It’s also a reminder that while prediction markets may seem exciting at first, putting serious money on the line, especially money you need for something as important as tuition, can leave you worse off in an instant.
So, if you need to pay for school, what are your options? Here are some alternative ways to pay for college.
Pursue a college education with funding from these experienced lenders
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Undergraduate and graduate students, parents, students in MBA, law, health professional and dental programs
$5,000 (or state-mandated minimum) up to the cost of attendance
5, 7, 10, 15, years; up to 20 years for refinancing loans
Federal student loans
It’s generally bestto apply forfederal student loansthrough the Free Application for Federal Student Aid (FAFSA)before considering privateloans. Federal loansoffer borrower protectionsthat private lenders typically don’t, includingincome-driven repaymentplans, deferment andforbearance options,and emergency reliefduring major crises. Most federal student loans alsodon’t require acredit check.
Federal student loaninterest rates arefixed for thelife of theloan, but newrates are set each year andmay be lowerthan what aprivate lender offers.
If you’re pursuing graduate school, grad students canborrow up to$20,500 a year throughfederal Direct Unsubsidized Loans, whilestudents pursuing certainprofessional degrees canborrow up to$50,000 annually.
If federal loansdon’t cover yourfull cost ofattendance, look intoscholarships and grantsoffered by yourschool or outsideorganizations. They canbe competitive and may not coveryourentire tuition bill, but because theydon’t have tobe repaid, they’re certainly worth looking at.
Private student loans
Private student loansare best usedas a lastresortafter you’ve exhaustedfederal loans, scholarshipsand grants. Interestrates and eligibilityrequirements vary bylender, and manyrequire a creditcheck. If youdon’t qualify onyour own, applyingwith a co-signer may helpyou secure aloanor a lowerinterest rate.
Some lenders alsolet you removeyour co-signerafter you’ve demonstrateda history of on-time paymentsand meet theircredit requirements. Forexample, SoFi allowseligible borrowers toapply for a co-signer release aftermaking 12 consecutive on-time payments. SoFi also offers an autopay discount and a cash bonus for good grades.
Earnest offers a nine-month grace period and a rate match guarantee where it will match any competitor rate and give a $100 Amazon gift cardonce your rate match is finalized. There’s also up to an 0.50% rate discount for autopay and returning borrowers, plus the ability to skip one payment a year.
- $25/month partial interest payment option available while you are enrolled at least half-time
- 0.25% interest rate discount for autopay
- Co-signers eligible for release after 12 consecutive payments
- Offers a $250 bonus to eligible borrowers with a 3.0 GPA or better
- Existing SoFi members may qualify for an additional rate discount
- Good to excellent credit is typically required for approval
- $5,000 minimum loan amount is higher than other lenders’ minimums.
- Interest Rates:Eligibility and Important Details. Fixed rates range from 2.45% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 4.39% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 7/6/2026 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors.Lowest rates reserved for the most creditworthy borrowers.Check out our eligibility criteria athttps://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases.
- Nine-month grace period available
- No co-signer required but offers the option to apply with a co-signer
- 0.25% interest rate discount for autopay
- Qualified borrowers can skip one payment every 12 months
- Offers student loan refinancing
- Offers loans for half-time students while still providing benefits received by full-time students (like the skip payment, autopay discount and more)
- No co-signer release option available
- Variable rates not available in all states
Actual rate and available repayment terms will vary based on your financial profile. Fixed annual percentage rates (APR) range from 3.04% to 16.74% (2.79% – 16.49% with Auto Pay discount). Variable annual percentage rates (APR) range from 5.24% to 17.10% (4.99% – 16.85% with Auto Pay discount). Earnest variable interest rate student loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent plus a margin and will change on the 1st of each month. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Our lowest rates are only available for our most credit qualified borrowers and requires selection of our shortest term offered, full principal and interest payment while in school, and enrollment in our 0.25% Auto Pay discount from a checking or savings account. Enrolling in Auto Pay is not required as a condition for approval. Interest rates are subject to change.
Employer tuition assistance
If your employeroffers tuition assistance, it can beone of themost affordable waysto pay forschool. Some companiesreimburse employees forpart of thecost of job-related coursesor degree programs, while others covertuition upfront inexchange for a commitment to staywith the companyfor a certainperiod after yougraduate.
Even if youremployer only offerspartial reimbursement,it’s worth takingadvantage of. Justbe sure toread the fineprint. You mayneed to applybefore classes begin, earn a minimumgrade or takecourses related toyour jobto qualify.
Also keep inmind that manyemployers require youto repay someor all ofthe tuition assistance if youleave the companybefore fulfilling yourwork commitment.
Tuition payment plans
Many colleges offertuition payment plansthat let yousplit your semester’sbill into smaller monthly paymentsinstead of payingthe full amountupfront. While theseplans don’t reducethecost of tuition, they can makeit easier tomanage your cashflow. Most don’tcharge interest, thoughyou’ll often paya small enrollmentor administrative fee.
These plans arefrequently administeredthrough your school’sstudent accounts office ora third-partypayment provider, socheck with yourschool to seewhat’s available.
Income-share agreements
Income-share agreements(ISAs) are analternativeway to financecollege. Instead of taking out atraditional loan, youreceive funding forschool and agreeto repay afixed percentage ofyour incomeafter graduation fora set periodof time. Thepercentage of income, repayment term andmaximum repaymentamount vary byprogram.
ISAs are lesscommon than theyonce were, butsome schools andprivate providers still offer them. This is an option after federal student loans, scholarships, grants and employer assistance because ISAs can actually end up costing more than you expected if your income rises substantially.
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Interest Rates: Eligibility and Important Details.Fixed rates range from 2.45% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 4.39% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 7/6/2026 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors.Lowestratesreserved for the most creditworthy borrowers.Check out our eligibility criteria athttps://www.sofi.com/eligibility
For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one-hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases.
Autopay Discount:The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly payments as outlined in your loan agreement by an automatic monthly deduction from a savings or checking account. This benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. When the autopay interest rate deduction is added or removed, the next time the loan is re-amortized (quarterly for fixed-rate loans; monthly for variable-rate loans), the principal balance of your loan will be spread over the remaining loan term, and your monthly payment amount will change. This benefit is suspended during periods of deferment, grace period, or forbearance. Autopay is not required to receive a loan from SoFi. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).
Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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