Although it’s always best to start with federal student loans, if your federal aid won’t cover all your college costs, you may consider private student loans.
Best private student loans to get for spring semester
To find the best private student loan for your spring semester, it’s important to shop around with several lenders. You can acquire student loans from various qualified lenders, and can borrow either up to your school’s certified cost of attendance or a specific number. Check with your chosen lender and review their max loan amounts as well as their fixed rate vs variable rate.
The companies in the table below are Credible’s approved partner lenders.
Advertiser DisclosureOverview
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
Eligibility
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.
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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.
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Loan 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.
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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.
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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.
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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.
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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.
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Methodology
Credible evaluated private student loan lenders in 10 different categories to determine the best lenders for spring semester student loans. This included interest rates, repayment options, terms, fees, discounts, customer service availability, as well as eligibility requirements and cosigner release options.
Deadline to apply for spring semester financial aid and loans
The Free Application for Federal Student Aid (FAFSA) is the form you need to complete to apply for federal student loans, grants, federal work-study programs, and some financial aid from states and colleges. FAFSA applications are open each Oct. 1 for the following school year, and applications are due by the end of June.
This means if you still want to apply for financial aid for the 2023-24 academic year, you must submit your application by June 30, 2024 at the latest. Awards are generally distributed on a first-come, first-served basis and some schools have earlier deadlines, so experts recommend submitting your application as soon as possible.
If you missed that deadline, you won’t be able to apply for federal student loans for the spring 2024 semester. But you can get private student loans anytime from various lenders.
Still, the process of applying for a loan, verifying your information, and disbursing the funds can take a while. The timeline varies from lender to lender, but to be on the safe side, you should apply at least two months prior to your tuition due date.
When do student loans get disbursed for spring semester 2024?
Disbursement for federal student loans and personal student loans varies. Federal loans get disbursed directly to your school, and your school will apply the funds to your account balance. Private student loans lenders may disburse funds directly to your school or, in some cases, to you.
- Federal student loans: Generally at the beginning and midpoint of the academic year, based on your school’s schedule.
- Private student loans: Check with your lender.
How long does it take for financial aid to be disbursed?
For federal student loans and many private student loans, the lender sends the funds straight to the school rather than the student. So your school determines the disbursement schedule.
You can usually find disbursement dates and additional information in the financial aid section of your school’s website or by calling the school’s financial aid office. But most schools break disbursements up into two parts: one around the beginning of the fall semester and another at the start of the spring semester.
The FAFSA deadline for the 2024 spring semester is June 30, 2024.
Can I get financial aid for one semester?
Federal student aid awards generally apply for an entire academic year — the fall, spring, and summer semesters (in that order).
If you don’t attend college for the entire academic year, you can’t receive your full financial aid award from the federal government. For example, if you’re eligible to receive $5,000 in federal loans for the academic year but only attend one semester, you can only receive $2,500 in federal financial aid.
However, you can apply for private loans any time of year — even if you only need the loan for one semester. Some private lenders base the amount you can borrow per academic year on the school-certified cost of attendance to ensure you don’t borrow more than you actually need to cover tuition, room and board, fees, supplies, and other necessary expenses (after taking into account scholarships, grants, and other forms of financial aid).
What happens if I don’t use all my financial aid money?
If you have money remaining after the school applies your financial aid money to tuition, fees, textbooks, and other required equipment and materials, you have a few options.
You may be able to leave the money in your account with the school and apply it to a future semester. You can also have the school issue you a refund — either as a direct deposit to your bank account or a paper check.
You can use this money to cover living expenses, but keep in mind that it’s still borrowed money. You’ll continue to accrue interest on it and will have to repay the principal and interest eventually. Unless you really need the money, you should consider returning it to the lender to avoid paying interest on money you didn’t need to borrow.
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Meet the expert:
Janet Berry-Johnson
Janet Berry-Johnson is an authority on income taxes and small business accounting. She was a CPA for over 12 years and has been a personal finance writer for more than five years. Janet has written for several well-known media outlets, including The New York Times, Forbes, Business Insider and Credit Karma. In 2021, Canopy named her one of the Top 10 Influential Women in Accounting and Tax.
