June 29th 2021

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.

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However, there are a few ways to potentially pay for it, including scholarships and Student loans.

Here’s what you should know about paying for Greek life:

How much does a sorority cost?
How much do fraternities cost?
Benefits of joining Greek life
How to pay for Greek life

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:

Year 1	$2,270
Year 2	$1,780
Year 3	$1,780
Year 4	$1,780
Total	$7,610

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.

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Learn More: How to Pay for College

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.

Year 1	$3,403
Year 2	$3,310
Year 3	$3,310
Year 4	$3,310
Total	$13,333

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.

You can find out how much you’ll owe over the life of your federal or private student loans using our student loan calculator below.

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Check Out: Average Cost of College in the U.S.

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.

Check Out: 529 Plan: Invest in a College Savings Account Early

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.

Learn More: California Student Loans: Pay for School in California

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.

Lender	Fixed Rates From (APR)	Variable Rates From (APR)	Loan terms (years)	Loan amounts
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.58%+	2.13%+	5, 7, 10, 12, 15, 20 (depending on loan type)	$2,001 to $200,000
Fixed APR: 3.58%+ Variable APR: 2.13%+ Min. credit score: 600 Loan amount: $2,001 to $200,000 Loan terms (years): 5, 7, 10, 12, 15, 20 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: 0.25% to 2.00% automatic payment discount, 1% cash back graduation reward Eligibility: Must be a U.S. citizen or permanent resident and have a minimum 2.9 GPA. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 24 months Loan servicer: University Account Service (UAS)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.18%+¹	1.15%+¹	5, 10, 15	$1,000 to $350,000 (depending on degree)
Fixed APR: 4.18%+¹ Variable APR: 1.15%+¹ Min. credit score: 720 Loan amount: $1,000 to $350,000 Loan terms (years): 5, 10, 15 Loan types: Any private or federal student loan Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner) Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Firstmark Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.34%+^2,3	1.04%+^2,3	5, 8, 10, 15	$1,000 up to 100% of the school-certified cost of attendance
Fixed APR: 3.34%+^2,3 Variable APR: 1.04%+^2,3 Min. credit score: Does not disclose Loan amount: $1,000 up to cost of attendance Loan terms (years): 5, 8, 10, 15 Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 24 months Loan servicer: College Ave Servicing LLC
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.00%+⁷	2.18%+⁷	7, 10, 15	$1,000 to $200,000
Fixed APR: 3.00%+⁷ Variable APR: 2.18%+⁷ Min. credit score: 750 Loan amount: $1,000 to $200,000 Loan terms (years): 7, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and have a minimum income of $30,000. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Granite State Management & Resources (GSM&R)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.83%+⁸	1.61%+⁸	5, 10, 15	$1,001 up to 100% of school certified cost of attendance
Fixed APR: 3.83%+⁸ Variable APR: 1.61%+⁸ Min. credit score: 670 Loan amount: $1,001 up to cost of attendance Loan terms (years): 5, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, forbearance Fees: Late fee Discounts: Autopay, reward for on-time graduation Eligibility: Must be an Indiana resident or a U.S. citizen attending an eligible Indiana school Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 48 months Loan servicer: American Education Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.75%+	N/A	10, 15	$1,500 or $2,000 up to school’s certified cost of attendance (depending on school type and minus other aid received)
Fixed APR: 3.75%+ Variable APR: N/A Min. credit score: 670 Loan amount: $1,500 or $2,000 up to total amount Loan terms (years): 10, 15 Repayment options: Full deferral, interest only, immediate repayment, academic deferral, forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 48 months Loan servicer: American Education Services (AES)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.25% - 12.59%⁹	1.13% - 11.23%⁹	5, 15	Up to 100% of the school-certified cost of attendance
Fixed APR: 4.25% - 12.59%⁹ Variable APR: 1.13% - 11.23%⁹ Min. credit score: Does not disclose Loan amount: $1,000 up to cost of attendance Loan terms (years): 5 to 15 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner. Customer service: Phone, chat Soft credit check: Yes Cosigner release: After 12 consecutive on-time payments Loan servicer: Sallie Mae
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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available \| ¹Citizens Disclosures \| ^2,3College Ave Disclosures \| ⁷EDvestinU Disclosures \| ⁸INvestEd Disclosures \| ⁹Sallie Mae Disclosures

Keep Reading: Private Student Loans and COVID-19: What You Need to Know

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