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 medical schools — and rises to $408,150 at private institutions.

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.

Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.

It's generally best to apply for federal student loans through the Free Application for Federal Student Aid (FAFSA) before considering private loans. Federal loans offer borrower protections that private lenders typically don't, including income-driven repayment plans, deferment and forbearance options, and emergency relief during major crises. Most federal student loans also don't require a credit check.

Federal student loan interest rates are fixed for the life of the loan, but new rates are set each year and may be lower than what a private lender offers.

If you're pursuing graduate school, grad students can borrow up to $20,500 a year through federal Direct Unsubsidized Loans, while students pursuing certain professional degrees can borrow up to $50,000 annually.

If federal loans don't cover your full cost of attendance, look into scholarships and grants offered by your school or outside organizations. They can be competitive and may not cover your entire tuition bill, but because they don't have to be repaid, they're certainly worth looking at.

Private student loans are best used as a last resort after you've exhausted federal loans, scholarships and grants. Interest rates and eligibility requirements vary by lender, and many require a credit check. If you don't qualify on your own, applying with a co-signer may help you secure a loan or a lower interest rate.

Some lenders also let you remove your co-signer after you've demonstrated a history of on-time payments and meet their credit requirements. For example, SoFi allows eligible borrowers to apply for a co-signer release after making 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 card once 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 at https://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.

If your employer offers tuition assistance, it can be one of the most affordable ways to pay for school. Some companies reimburse employees for part of the cost of job-related courses or degree programs, while others cover tuition upfront in exchange for a commitment to stay with the company for a certain period after you graduate.

Even if your employer only offers partial reimbursement, it's worth taking advantage of. Just be sure to read the fine print. You may need to apply before classes begin, earn a minimum grade or take courses related to your job to qualify.

Also keep in mind that many employers require you to repay some or all of the tuition assistance if you leave the company before fulfilling your work commitment.

Many colleges offer tuition payment plans that let you split your semester's bill into smaller monthly payments instead of paying the full amount upfront. While these plans don't reduce the cost of tuition, they can make it easier to manage your cash flow. Most don't charge interest, though you'll often pay a small enrollment or administrative fee.

These plans are frequently administered through your school's student accounts office or a third-party payment provider, so check with your school to see what's available.

Income-share agreements (ISAs) are an alternative way to finance college. Instead of taking out a traditional loan, you receive funding for school and agree to repay a fixed percentage of your income after graduation for a set period of time. The percentage of income, repayment term and maximum repayment amount vary by program.

ISAs are less common than they once were, but some schools and private 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.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every student loan article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of student loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

Catch up on CNBC Select's in-depth coverage of credit cards, banking and money, and follow us on TikTok, Facebook, Instagram and Twitter to stay up to date.

Read more

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 at *

https://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.