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Skipped College in 2021? Enroll This Fall
If you didn’t enroll or reenroll in college during the pandemic, this fall is the time to get back on the path to higher education.
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Colin Beresford is a former NerdWallet student loans writer. He previously was an automotive business writer for Car and Driver magazine and is a graduate of the University of Michigan.
Karen Gaudette Brewer Lead Assigning Editor | Core Personal Finance
Karen Gaudette Brewer leads the Core Personal Finance team at NerdWallet. Previously, she guided students and their families through the ins and outs of paying for college and managing student debt on the Higher Education team. Helping people navigate complex money decisions and feel more confident brings her great joy: as the daughter of an immigrant, from an early age she was the translator of financial documents and the person who called the credit card company to fix fraud.
She joined NerdWallet with 20 years of experience working in newsrooms and leading editorial teams, most recently as executive editor of HealthCentral. She launched her journalism career with The Associated Press and later worked for The (Riverside) Press-Enterprise, The Seattle Times, PCC Community Markets and Allrecipes.com.
She is a graduate of the 2022 Poynter Institute Leadership Academy for Women in Media. Her writing has been honored by the Society for Features Journalism and the Society of Professional Journalists. In addition, she’s the author of two books about the Pacific Northwest.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula for student loan products takes into account more than 50 data points across multiple categories, including repayment options, customer service, lender transparency, loan eligibility and underwriting criteria.
Fixed APR
3.59-17.99%
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. (1)All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. (2)As certified by your school and less any other financial aid you might receive. Minimum $1,000. (3)This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 10/08/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
Variable APR
5.59-17.99%
College Ave Student Loans products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or M.Y. Safra Bank, FSB, member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. (1)All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. (2)As certified by your school and less any other financial aid you might receive. Minimum $1,000. (3)This informational repayment example uses typical loan terms for a freshman borrower who selects the Flat Repayment Option with an 8-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 7.78% fixed Annual Percentage Rate (“APR”): 54 monthly payments of $25 while in school, followed by 96 monthly payments of $176.21 while in the repayment period, for a total amount of payments of $18,266.38. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 10/08/2024. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
NerdWallet ratingNerdWallet's ratings are determined by our editorial team. The scoring formula for student loan products takes into account more than 50 data points across multiple categories, including repayment options, customer service, lender transparency, loan eligibility and underwriting criteria.
Fixed APR
3.49-15.49%
Lowest rates shown include the auto debit. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Advertised APRs are valid as of 10/12/2024. Loan amounts: For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Variable APR
5.54-15.70%
Lowest rates shown include the auto debit. Advertised APRs for undergraduate students assume a $10,000 loan to a student who attends school for 4 years and has no prior Sallie Mae-serviced loans. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Advertised APRs are valid as of 10/12/2024. Loan amounts: For applications submitted directly to Sallie Mae, loan amount cannot exceed the cost of attendance less financial aid received, as certified by the school. Applications submitted to Sallie Mae through a partner website will be subject to a lower maximum loan request amount. Miscellaneous personal expenses (such as a laptop) may be included in the cost of attendance for students enrolled at least half-time. Examples of typical costs for a $10,000 Smart Option Student Loan with the most common fixed rate, fixed repayment option, 6-month separation period, and two disbursements: For a borrower with no prior loans and a 4-year in-school period, it works out to a 10.28% fixed APR, 51 payments of $25.00, 119 payments of $182.67 and one payment of $121.71, for a Total Loan Cost of $23,134.44. For a borrower with $20,000 in prior loans and a 2-year in-school period, it works out to a 10.78% fixed APR, 27 payments of $25.00, 179 payments of $132.53 and one payment of $40.35 for a total loan cost of $24,438.22. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not.
Credible lets you check with multiple student loan lenders to get rates with no impact to your credit score. Visit their website to take the next steps.
The pandemic upended what it meant to be a college student as newfound barriers to learning cropped up in spring 2020: In-person classes were forced online, family obligations became more pronounced and economic difficulties spread.
“All of these factors just came together to create this perfect storm," says Mamie Voight, president and CEO of the Institute for Higher Education Policy, a nonprofit focused on college access. She says that students from low-income backgrounds and those with responsibilities outside of school — like jobs and kids — faced the steepest challenges.
There were 5.1% fewer students enrolled in fall 2021 than fall 2019, according to estimates from the National Student Clearinghouse Research Center. And between fall 2019 and fall 2020, the percentage of students who reenrolled fell the most since 2009.
Yet, it may be time to return, especially if you had to sit out any of the last two years. A strong job market and earnings increases for low-wage workers can, at face value, make higher education less appealing. But the long-term picture remains clear.
Those with no college education see median lifetime earnings of $1.6 million, according to the Georgetown University Center on Education and the Workforce. That’s $1.2 million less than the $2.8 million of median lifetime earnings for those with a bachelor’s degree. The median associate degree holder sees lifetime earnings of $2 million.
“For students, the answer is pretty clear that going to college is a better choice economically, than not going,” says Voight. “And reenrolling, if you stopped out … will make a world of a difference in terms of job opportunities and wage growth over a person’s lifetime.”
The longer you wait to go back, the less likely you are to attain a degree, according to the National Student Clearinghouse Research Center. And for those who have delayed going to college, it comes with a cost: The Federal Reserve Bank of New York estimates that postponing college for a year results in a potential $90,000 loss in lifetime earnings.
Although the difficulties of the pandemic haven’t disappeared, colleges have become better equipped to help students overcome barriers.
Colleges have adapted to new expectations — and needs
Students have returned to campuses, but many colleges are keeping the changes they’ve made.
Community and four-year colleges have adjusted to better reach students, says Matt Bergman, an associate professor of organizational leadership at the University of Louisville.
“We have so many opportunities for students to come back in ways that they wouldn’t have been able to as recent as five years [ago],” adds Bergman, who studies adult learning and degree completion.
Course offerings have become more flexible, with in-person and virtual classes and also hybrid formats, Bergman says. They're also becoming available in synchronous (learning with a class) and asynchronous formats (learning at your own pace).
Community colleges made many changes to meet the needs of their students, according to Martha Parham, the senior vice president of public relations for the American Association of Community Colleges. These lasting transformations can make it easier for students to return to school.
“I do think the pandemic has changed the landscape in the course offerings and that change is going to stick,” Parham says. “So that looks different in different places, in different students, in different colleges, but a lot of services and programs were put into place to ensure student success at every level.”
Support for students is out there
This fall, college students have more federal financial support available than in years past.
The annual maximum Pell Grant, aid you don’t have to repay, has increased $400 to $6,895 for the coming academic year. Pell Grant eligibility is determined by your financial situation and the cost of attendance at the institution you’re considering. To be eligible, you need to submit the Free Application for Federal Student Aid, also known as the FAFSA.
Many colleges also have more financial resources available than in years past, thanks to $76.3 billion in federal pandemic assistance funds provided to institutions across the nation.
“Right now, in particular, is a great time to go to community colleges because they have a lot of resources that are directly available to students,” says Parham, including funding for tuition and books, transportation, food and housing assistance, and technology.
If you need child care, pick the school that offers it, Bergman says. If you have work experience, look for colleges that offer prior learning assessments, giving you college credit for the skills you’ve gained. The important thing is to pick a school that best fits your needs, Bergman adds.
Finding the right school can be as easy as visiting a school’s website or calling the admissions office to ask about the resources they offer.
Application deadlines for fall have largely passed at four-year colleges, but you can often enroll in community college shortly before the semester begins. If a bachelor’s degree is your goal, going to community college, then transferring can save you money — but be careful to plan out your classes to make sure the credits transfer to a bachelor’s degree-granting institution.
This article was written by NerdWallet and was originally published by The Associated Press.