Joining a sorority or fraternity can be a great way to network in college and after graduation — but it can also be expensive. With chapter dues as well as the price of attending social events, you could end up spending thousands of dollars per year on Greek life.
However, there are a few ways to potentially pay for it, including scholarships and student loans.
How much does a sorority cost?
The cost of joining a sorority varies depending on which school you go to and which sorority you join. On average, you can expect to pay around $2,000 or more the first year.
Keep in mind that later years might cost less because you won’t have to pay upfront fees again.
For example, here’s an estimate of what you can expect to pay over four years if you join a sorority at Auburn University:
Here are some of the costs you might encounter when becoming a sorority member:
- Membership dues
- National and local dues
- Housing and meal plan fees
- Facility fees
- Badge fees
- Pledge fees
- Technology fees
- Social dues
Tip:
Paying for Greek life on top of tuition and other education expenses can be difficult. However, there are a few options that could help you cover the cost, such as federal or private student loans.
If you decide to take out a private student loan, be sure to consider as many lenders as possible to find the right loan for your needs. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.
How much do fraternities cost?
Like with sororities, the cost of joining a fraternity varies depending on the school and which frat you decide to join. Some fraternities might charge $3,000 per year while others could cost much more, depending on the school and whether you stay in fraternity housing.
Here’s an estimate of what it could cost to join a fraternity at the University of Georgia without housing or a meal plan. Keep in mind that if you decide to sign up for a meal plan, the cost per semester could rise to over $10,000 per year.
Here are some of the costs you might encounter when joining a fraternity:
- Membership dues
- National and local dues
- Housing and meal plan
- Facility fees
- Initiation fee
- Social dues
Tip: Keep in mind that there are several options to potentially help you cover these expenses, including student loans.
However, if you decide to take out a student loan to help cover your fraternity expenses, be sure to consider how much that loan will cost you in the future. This way, you can be prepared for any added expenses.
Benefits of joining Greek life
Although joining Greek life can be expensive, the potential benefits could make it a good investment. Here are some of the advantages you might enjoy as a member of a sorority or fraternity:
- Allows you to become part of a community
- Provides personal and professional enrichment through volunteer work and philanthropic events
- Could boost your resume if you take on leadership roles within the organization
- Peers and members of alumni groups could be helpful for career advancement
- Fraternity or sorority housing might be cheaper than other on-campus housing (depending on the school)
Learn More: Credit Unions to Consider When Taking Out a Student Loan
How to pay for Greek life
If you’re thinking about joining a sorority or fraternity but aren’t sure how to pay for it, follow these three steps:
1. Look for scholarships and grants
Unlike student loans, college scholarships and grants don’t have to be repaid — which can make them a great way to cover education expenses like Greek life.
There’s also no limit to how many you might be able to get, so it’s a good idea to apply for as many scholarships and grants as you might be eligible for.
A few institutions that might offer scholarships and grants include:
- Local or national businesses
- Nonprofit organizations
- Professional associations in the field you’ll be studying
Additionally, some sororities or fraternities provide scholarships or grants that could help you offset your costs.
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2. Ask about payment plans
In some cases, you might be able to set up a payment plan that could help make the costs of Greek life more manageable. For example, at the University of San Diego, sorority members have the option to pay dues over three to six months, depending on the sorority.
If you’re thinking about joining a sorority or fraternity, be sure to see if any payment plans are available to you.
3. Consider student loans
If scholarships, grants, and other financial aid aren’t enough to cover your Greek life expenses, student loans could be another option.
Just remember that whatever you borrow in student loans will have to be paid back — so be sure to borrow only what you need to keep your future costs as low as possible.
There are two types of student loan to choose from:
Federal student loans
If you need to borrow for school, it’s usually a good idea to start with federal student loans first. This is mainly because these loans come with federal benefits and protections, such as access to income-driven repayment plans and student loan forgiveness programs.
To apply for federal student loans, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA). Your school will use your FAFSA results to determine what federal student loans and federal student aid you’re eligible for. You might also qualify for school-based scholarships depending on your FAFSA information.
Tip: Most federal student loans don’t require a credit check, which means you could qualify if you have poor or even no credit.
However, if you want to apply for a Parent PLUS Loan — a type of Direct PLUS Loan available for parents paying for their child’s college expenses — you’ll have to undergo a credit check.
Check Out: Is My College Housing Covered by Financial Aid?
Private student loans
After you’ve exhausted your federal student loan options, private student loans can help fill any financial gaps left over. Keep in mind that these loans are offered by private lenders and don’t come with federal protections.
However, private loans do provide some benefits of their own, such as potentially higher student loan limits and no application deadlines.
Tip: To qualify for a private student loan, you’ll typically need good to excellent credit. While some lenders offer student loans for bad credit, these loans generally come with higher interest rates compared to good credit loans.
If you’re struggling to get approved, consider applying with a cosigner. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.
If you decide to take out a private student loan, remember to consider as many lenders as you can to find a loan to suit your needs. Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes.
Advertiser DisclosureLoan Amounts
$1,000 up to 100% of the school-certified cost of attendance
Overview
College Ave offers a wide range of in-school loans for nearly every type of degree. There are a number of repayment options, and borrowers can choose a unique eight-year repayment term. Plus, graduate, dental, and medical students receive extended grace periods.
You may get easy funding for multiple years — 90% of undergraduates are approved for additional student loans when they apply with a cosigner. However, it can be difficult to remove a cosigner for your loan later on, as you must complete at least half of your repayment term before becoming eligible. That’s significantly longer than some lenders, which may only require one to two years of payments before releasing a cosigner.
Loan terms
5, 8, 10, or 15 years for most borrowers (law, dental, medical, and other health profession students have up to 20 years)
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance; lifetime limits depend on your degree and credit profile
Cosigner release
After half of the scheduled repayment period has elapsed
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. International students with a Social Security number and a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Overview
Ascent offers several unique borrowing options that you don’t typically see with private lenders. In addition to traditional student loans for undergraduate, graduate, and medical programs, college juniors and seniors may qualify for its Outcomes-Based Loan — which doesn’t require established credit or a cosigner. Instead, Ascent reviews alternate factors such as your school, major, and GPA to determine your eligibility.
Ascent also offers a wide range of loan terms and repayment plans to choose from. You may even qualify for its Progressive Repayment plan, which allows you to start with small payments that gradually increase over time. Borrowers who use a cosigner can release them after as few as 12 payments, though international students don’t qualify for this option.
Loan terms
5, 7, 10, 12, 15, or 20 years
Loan amounts
$2,001 minimum up to your school’s annual cost of attendance; lifetime limits of $200,000 for undergrads and $400,000 for graduates
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Must be a U.S. citizen or DACA student enrolled at least half time at an eligible institution. International students with a qualified cosigner may also qualify. Applicants who can’t meet financial, credit, or other requirements may qualify with a cosigner.
Loan Amounts
$1,000 to $99,999 annually ($180,000 aggregate limit)
Overview
Powered by Cognition Financial, Custom Choice offers student loans for undergraduate and graduate students starting at $1,000. You can borrow up to $99,999 per year with a total aggregate limit of $180,000.
If you apply with a cosigner, you may be able to release them from your loan after 36 on-time payments. You can also receive a 0.25 percentage point discount on your interest rate by setting up autopay, as well as a 2% reduction of your principal balance after graduating.
Custom Choice doesn’t charge application, origination, prepayment, or late fees. It also lets you pause payments through forbearance if you qualify for its natural disaster or unemployment protection programs.
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $180,000)
Eligibility
Must be a U.S. citizen or permanent resident at an eligible institution. You must also meet Custom Choice’s underwriting criteria for income and credit, or apply with a cosigner who does. Eligible noncitizens such as DACA residents can also qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,000 up to 100% of school-certified cost of attendance
Overview
Sallie Mae offers the Smart Option Student Loan to undergraduate and graduate students. You can borrow up to your school-certified cost of attendance and apply just once annually to get the funds you need for the entire academic year. Plus, it may be easy to get reapproved for your future years of study — undergraduates have a 97% approval rate when they return to Sallie Mae with a cosigner.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, bar study, medical school, medical residency, dental programs, dental residency, and other health profession programs. However, this lender no longer offers a career training loan.
Loan terms
10 to 15 years for Smart Option Student Loan; up to 15 years for law school and bar study loans; up to 20 years for medical school, medical residency, dental school, dental residency, and health professions loans
Loan amounts
$1,000 up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens may qualify by applying with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,001 up to 100% of school certified cost of attendance
Overview
INvested is an Indiana company that offers affordable student loans exclusively to state residents. Loans are available to Indiana students and parents who can meet income and credit requirements, or who have an eligible cosigner. Borrowers can borrow as little as $1,001 or as much as the school-certified cost of attendance minus other aid.
INvested provides detailed information on eligibility so borrowers can quickly determine whether to apply for a loan — however, there’s no option to prequalify with a soft credit check. Cosigner release is also available after just 12 on-time payments, considerably shorter than many other lenders.
Loan amounts
$1,001 minimum, up to the school certified cost of attendance
Eligibility
Loans are available to Indiana residents only. Borrowers must have a FICO score of 670 or higher, a 30% maximum debt-to-income ratio or minimum monthly income of $3,333, continuous employment over two years, and no major collections or defaults in recent years. Borrowers who do not meet income or credit requirements can apply with a cosigner.
Loan Amounts
$1,500 up to school’s certified cost of attendance less aid
Overview
Massachusetts Educational Financing Authority (MEFA) is a not-for-profit lender that offers low-cost undergraduate and graduate school loans to students nationwide. While only fixed-rate loans are available, interest costs may be lower than what you see with other private loans.
While you can apply with a cosigner to lock in the best rate possible, removing that cosigner later may be tough. Only one repayment plan allows cosigner release, and you must make four years of consecutive on-time payments and meet other credit and income requirements to qualify.
Loan amounts
$1,500 minimum up to school-certified cost of attendance
Eligibility
Must be a U.S. citizen or permanent resident, enrolled at least half time at a degree-granting, nonprofit institution, and must maintain satisfactory academic progress. Must have no history of default on an education loan and no history of bankruptcy or foreclosure in the past 60 months. Applicants who can’t meet the minimum credit and income requirements may apply with a cosigner.
Loan Amounts
$1,000 to $350,000 (depending on degree)
Overview
Citizens offers a variety of student loan types, including loans for undergraduates, graduate students, and parents. Perhaps the most unique feature of Citizens student loans is the option for multiyear approval. If you qualify, you can apply once and borrow for future years with a more streamlined process that only involves a soft credit inquiry.
Student borrowers can defer payments while in school and for six months after graduating. You can also score a 0.25 percentage point reduction on your interest rate for setting up autopay, as well as an additional 0.25 percentage point loyalty discount if you or your cosigner already have a qualifying account with Citizens.
Loan terms
5, 10, or 15 years for student loans; 5 or 10 years for parent loans
Loan amounts
$1,000 minimum, up to a maximum of $150,000 for undergraduate and graduate degrees; $250,000 for MBA and law; and $180,000 or $350,000 for health care student loans, depending on the degree type
Eligibility
Must be a U.S. citizen or permanent resident enrolled at least half-time in a degree-granting program at an eligible institution. International students can apply with a cosigner who’s a U.S. citizen or permanent resident.
Loan Amounts
$1,000 up to cost of attendance
Overview
Education Loan Finance (ELFI) is a division of Tennessee-based SouthEast Bank owned by Education Loan Finance, Inc., a non-profit whose mandate is to provide access to higher education. ELFI launched in 2015 and offers undergraduate, graduate, and parent private student loans as well as student loan refinancing.
ELFI student loans and refinance loans are available to residents in all U.S. states including Puerto Rico. Borrowers can benefit from no application, origination, or prepayment fees. ELFI also offers flexible repayment terms and competitive rates, however there’s no cosigner release option and the lender doesn’t offer any discounts.
Loan amounts
$1,000 - Cost of attendance
Cosigner release
A cosigner may not be taken off a loan, but the borrower can apply for a new loan without their cosigner.
Eligibility
All 50 states as well as Washington DC and Puerto Rico.
Meet the expert:
Christy Bieber
Christy Bieber has been working full-time as a freelance writer since 2008. She has written blogs, news articles, textbooks, and online courses on the topics of law, finance, and history. She lives with her husband, two children, and beagle.
