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7 Student Loans for Community College

Both federal and private student loans could help you pay for a community college program.

Emily Guy Birken Emily Guy Birken Updated March 24, 2023

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

Attending community college is generally much less expensive than a traditional four-year degree. But even with the savings, you might still need student loans or other financial aid to pay for it.

Here’s what you should know about getting student loans for community college:

  • 8 private student loans for community college
  • How to get student loans for community college
  • Federal student loans vs. private student loans
  • What can student loans be used for?
  • Can community college students get student loans?
  • Can you go to community college for free?
  • What is the average cost of community college?

8 private student loans for community college

If you decide to take out a private student loan for community college, it’s important to consider as many lenders as possible. This way, you can find the right loan for your needs.

Here are Credible’s partner lenders that offer private student loans for community college:

LenderFixed Rates From (APR)
Variable Rates From (APR)Loan amountsLoan terms (years)


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
4.62%+10 5.86%+10 $2,001 to $400,0007 to 20
  • Fixed APR: 4.62%+10
  • Variable APR: 5.86%+10
  • Min. credit score: Does not disclose
  • Loan amount: $2,001 to $400,000
  • 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 1.00% automatic payment discount, 1% cash back graduation reward
  • Eligibility: Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking program
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: After 12 on-time principal and interest payments
  • Loan servicer: Launch 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
4.99%+1 5.1%+ $1,000 to $350,000 (depending on degree)5, 10, 15
  • Fixed APR: 4.99%+1
  • Variable APR: 5.1%+
  • 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
4.74%+2,3
4.74%+2,3 $1,000 up to 100% of the school-certified cost of attendance5, 8, 10, 15
  • Fixed APR: 4.74%+2,3
  • Variable APR: 4.74%+2,3
  • Min. credit score: Does not disclose
  • Loan amount: $1,000 up to cost of attendance
  • Loan terms (years): 5, 8, 10, 15, 20
  • 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

custom choice

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
3.65%+ 5.67%+ $1,000 to $99,999 annually
($180,000 aggregate limit)
7, 10, 15
  • Fixed APR: 3.65%+
  • Variable APR: 5.67%+
  • Min. credit score: Does not disclose
  • Loan amount: $1,000 to $99,999 annually ($180,000 aggregate limit)
  • Loan terms (years): 7, 10, 15
  • Repayment options: Full deferral, immediate repayment, interest-only repayment, flat/full repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available to borrowers in all 50 states. Must be a U.S. citizen or permanent resident.
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Cosigner release: After 36 months
  • Loan servicer: American Education Services
  • Min. income: Does not disclose

edvestinu student loan refinance

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
7.52%+7 6.99%+7 $1,000 to $200,0007, 10, 15
  • Fixed APR: 7.52%+7
  • Variable APR: 6.99%+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
4.37%+8 5.86%+8 $1,001 up to 100% of school certified cost of attendance5, 10, 15
  • Fixed APR: 4.37%+8
  • Variable APR: 5.86%+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
4.89%+ N/A$1,500 up to school’s certified cost of attendance less aid15
  • Fixed APR: 4.89%+
  • Variable APR: N/A
  • Min. credit score: 670
  • Loan amount: $1,500 up to cost of attendance less aid
  • 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
4.509 - 14.83%9 5.49%9 - 15.83%9 $1,000 up to 100% of school-certified cost of attendance10 to 20
  • Fixed APR: 4.509 - 14.83%9
  • Variable APR: 5.49%9 - 15.83%9
  • Min. credit score: Does not disclose
  • Loan amount: $1,000 up to 100% of school-certified cost of attendance
  • Loan terms (years): 10 to 209
  • Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability
  • Fees: Late fee, non-sufficient funds (NSF) 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: Borrowers can apply after graduation, 12 consecutive on-time principal and interest payments, and meeting certain credit requirements.
  • Loan servicer: Sallie Mae
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Ascent

Ascent offers student loans from $2,001 to $400,000 with repayment terms from five to 20 years. Additionally, borrowers who complete their degree within five years could be eligible for a 1% cashback graduation reward.

4.9
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.
Rates and terms
Fees and Discounts
Customer Experience
Ascent Private Student Loans
Fixed APR
Lowest fixed rate available from this lender
4.62%+10
Variable APR
Lowest variable rate available from this lender
5.86%+10
Loan amount
Total amount you can borrow from this lender
$2,001 to $400,000
Loan terms (years)
How many years you have to repay the loan
5, 7, 10, 12, 15, 20

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  • Fixed APR: 4.62%+10
  • Variable APR: 5.86%+10
  • Min. credit score: Does not disclose
  • Loan amount: $2,001 to $400,000
  • 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 1.00% automatic payment discount, 1% cash back graduation reward
  • Eligibility: Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking program
  • Customer service: Email, phone
  • Soft credit check: Yes
  • Cosigner release: After 12 on-time principal and interest payments
  • Loan servicer: Launch Servicing, LLC

Pros

  • 1% cashback graduation reward
  • 0.25% autopay discount
  • Cosigner release offered after 24 consecutive, on-time payments

Cons

  • $200,000 aggregate limit, which might not be enough if you plan to transfer from community college to another more expensive program
  • Ascent Non-Cosigned Future Income-Based Loans not available for community college students
  • Must have at least two years of sufficient credit history to apply without a cosigner

Citizens

With Citizens, you can borrow as little as $1,000 up to 100% of your school’s cost of attendance with terms from five to 15 years.

If you already have an account with Citizens, you could get a 0.25% rate discount — plus another 0.25% off your rate if you sign up for automatic payments.

4.8
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.
Rates and terms
Fees and Discounts
Customer Experience
Citizens Private Student Loans
Fixed APR
Lowest fixed rate available from this lender
4.99%+1
Variable APR
Lowest variable rate available from this lender
5.1%+
Loan amount
Total amount you can borrow from this lender
$1,000 to $350,000
Loan terms (years)
How many years you have to repay the loan
5, 10, 15

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  • Fixed APR: 4.99%+1
  • Variable APR: 5.1%+
  • 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

Pros

  • 0.25% autopay discount
  • 0.25% loyalty discount
  • No application, origination, or disbursement fees

Cons

  • Might be hard to qualify if you don’t have good credit
  • Doesn’t disclose minimum income requirements
  • Long cosigner release period (36 months)

College Ave

College Ave student loans range from $1,000 up to 100% of your school-certified cost of attendance (minus any other financial aid you’ve received) with terms from five to 15 years.

Additionally, parent borrowers have the option to receive up to $2,500 of the loan directly, allowing you to control your child’s spending on various expenses.

4.9
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.
Rates and terms
Fees and Discounts
Customer Experience
College Ave Private Student Loans
Fixed APR
Lowest fixed rate available from this lender
4.74%+2,3
Variable APR
Lowest variable rate available from this lender
4.74%+2,3
Loan amount
Total amount you can borrow from this lender
$1,000 up to cost of attendance
Loan terms (years)
How many years you have to repay the loan
5, 8, 10, 15, 20

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  • Fixed APR: 4.74%+2,3
  • Variable APR: 4.74%+2,3
  • Min. credit score: Does not disclose
  • Loan amount: $1,000 up to cost of attendance
  • Loan terms (years): 5, 8, 10, 15, 20
  • 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

Pros

  • Might be able to borrow up to your school’s cost of attendance
  • 0.25% autopay discount
  • No application, origination, or disbursement fees

Cons

  • Doesn’t disclose minimum income or credit requirements
  • Can’t apply for cosigner release until more than half of the repayment term has elapsed
  • Income for the past two years must be more than twice your outstanding loan balance to qualify for cosigner release

Custom Choice

The Custom Choice Loan is available from $1,000 to $99,999 annually ($180,000 aggregate limit) with a three- or five-year term. Also, you could get a 2% principal reduction on your loan if you graduate with at least a bachelor’s degree.

custom choice
4.4
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.
Rates and terms
Fees and Discounts
Customer Experience
Custom Choice Private Student Loans
Fixed APR
Lowest fixed rate available from this lender
3.65%+
Variable APR
Lowest variable rate available from this lender
5.67%+
Loan amount
Total amount you can borrow from this lender
$1,000 to $99,999 annually ($180,000 aggregate limit)
Loan terms (years)
How many years you have to repay the loan
7, 10, 15

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  • Fixed APR: 3.65%+
  • Variable APR: 5.67%+
  • Min. credit score: Does not disclose
  • Loan amount: $1,000 to $99,999 annually ($180,000 aggregate limit)
  • Loan terms (years): 7, 10, 15
  • Repayment options: Full deferral, immediate repayment, interest-only repayment, flat/full repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability
  • Fees: None
  • Discounts: Autopay
  • Eligibility: Available to borrowers in all 50 states. Must be a U.S. citizen or permanent resident.
  • Customer service: Phone, email
  • Soft credit check: Yes
  • Cosigner release: After 36 months
  • Loan servicer: American Education Services
  • Min. income: Does not disclose

Pros

  • 0.25% autopay discount
  • Offers small loan amounts
  • Can use loan funds to cover past-due balances

Cons

  • Doesn’t disclose minimum income requirements
  • Limited repayment terms (only three or five years)
  • Not available in Arizona, Iowa, or Wisconsin

EDvestinU

EDvestinU is a nonprofit organization that offers student loans from $1,000 up to 100% of your school’s cost of attendance ($200,000 aggregate limit) with terms from seven to 15 years.

If you sign up for automatic payments, you could get a 0.25% rate discount.

edvestinu student loan refinance
4.8
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.
Rates and terms
Fees and Discounts
Customer Experience
EDvestinU Private Student Loans
Fixed APR
Lowest fixed rate available from this lender
7.52%+7
Variable APR
Lowest variable rate available from this lender
6.99%+7
Loan amount
Total amount you can borrow from this lender
$1,000 to $200,000
Loan terms (years)
How many years you have to repay the loan
7, 10, 15

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  • Fixed APR: 7.52%+7
  • Variable APR: 6.99%+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)

Pros

  • Might be able to borrow up to your school’s cost of attendance
  • 0.50% autopay discount
  • No application, origination, or disbursement fees

Cons

  • Might be hard to qualify if you don’t have excellent credit
  • Borrower or cosigner must have a minimum income of $30,000
  • Long cosigner release period (36 months)

INvestEd

If you live in or attend school in Indiana, INvestEd might be a good option for private student loans. You can borrow $1,001 up to 100% of your school’s cost of attendance (minus any other financial aid you’ve received) with terms from five to 15 years.

4.6
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.
Rates and terms
Fees and Discounts
Customer Experience
INvestEd Private Student Loans
Fixed APR
Lowest fixed rate available from this lender
4.37%+8
Variable APR
Lowest variable rate available from this lender
5.86%+8
Loan amount
Total amount you can borrow from this lender
$1,001 up to cost of attendance
Loan terms (years)
How many years you have to repay the loan
5, 10, 15

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  • Fixed APR: 4.37%+8
  • Variable APR: 5.86%+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

Pros

  • Might be able to borrow up to your school’s cost of attendance
  • 0.25% autopay discount
  • Offers college planning and financial aid resources to help students and families

Cons

  • Only available to borrowers living or attending school in Indiana
  • Long cosigner release period (48 months)
  • Charges late and returned payment fees

MEFA

The Massachusetts Educational Financing Authority (MEFA) offers fixed-rate loans from $1,500 or $2,000 (for a public or private school, respectively) up to your school-certified cost of attendance (minus any other financial aid you’ve received).

4.4
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.
Rates and terms
Fees and Discounts
Customer Experience
MEFA Private Student Loans
Fixed APR
Lowest fixed rate available from this lender
4.89%+
Variable APR
Lowest variable rate available from this lender
N/A
Loan amount
Total amount you can borrow from this lender
$1,500 up to cost of attendance less aid
Loan terms (years)
How many years you have to repay the loan
10, 15

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  • Fixed APR: 4.89%+
  • Variable APR: N/A
  • Min. credit score: 670
  • Loan amount: $1,500 up to cost of attendance less aid
  • 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)

Pros

  • Might be able to borrow up to your school’s cost of attendance
  • Fixed rates mean your payments won’t ever change
  • No application, origination, or disbursement fees

Cons

  • Doesn’t offer variable rates
  • Long cosigner release period (48 months)
  • Cosigner release available only on 15-year undergraduate loans with deferred payments

Learn More: How to Get a Student Loan in 3 Easy Steps

Sallie Mae

With Sallie Mae, you can borrow $1,000 up to 100% of school-certified cost of attendance with terms from 10 to 20 years. Additionally, borrowers can apply for cosigner release after just 12 months of consecutive, on-time payments.

4.3
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.
Rates and terms
Fees and Discounts
Customer Experience
Sallie Mae Private Student Loans
Fixed APR
Lowest fixed rate available from this lender
4.509 - 14.83%9
Variable APR
Lowest variable rate available from this lender
5.49%9 - 15.83%9
Loan amount
Total amount you can borrow from this lender
$1,000 up to 100% of school-certified cost of attendance
Loan terms (years)
How many years you have to repay the loan
10 to 209

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  • Fixed APR: 4.509 - 14.83%9
  • Variable APR: 5.49%9 - 15.83%9
  • Min. credit score: Does not disclose
  • Loan amount: $1,000 up to 100% of school-certified cost of attendance
  • Loan terms (years): 10 to 209
  • Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability
  • Fees: Late fee, non-sufficient funds (NSF) 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: Borrowers can apply after graduation, 12 consecutive on-time principal and interest payments, and meeting certain credit requirements.
  • Loan servicer: Sallie Mae

Pros

  • Might be able to borrow up to your school’s cost of attendance
  • 0.25% autopay discount
  • Cosigner release available after just 12 months

Cons

  • Doesn’t disclose minimum income or credit requirements
  • Rates can be higher compared to other lenders
  • Charges late fees

Also see: 7 Student Loans with Cosigner Release

How to get student loans for community college

If you’re ready to take out a student loan for community college, follow these four steps:

  1. Fill out the FAFSA. Community college students are eligible for federal financial aid just like students of four-year colleges — which means your first step should be filling out the Free Application for Federal Student Aid (FAFSA). Your school will use your FAFSA results to determine what federal student loans and other federal aid you’re eligible for.
  2. Apply for scholarships and grants. Unlike student loans, college scholarships and grants don’t have to be repaid. Additionally, there’s no limit to how many you can get, so be sure to apply for as many scholarships and grants as possible. You might also qualify for scholarships from your school depending on your FAFSA information.
  3. Accept federal student loans. Once you fill out the FAFSA, your school will send you a financial aid award letter detailing what federal student loans and other federal financial aid you’re eligible for. You can then choose which aid you’d like to accept.
  4. Use private loans to fill the gaps. After you’ve exhausted scholarship, grant, and federal student loan options, private student loans can help fill any financial gaps left over. Be sure to consider as many lenders as you can to find a private student loan that best suits your needs.
Tip: You’ll typically need good to excellent credit to qualify for a private student loan. A good credit score is usually considered to be 700 or higher.

If you’re struggling to get approved, consider applying with a cosigner to improve your chances. 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.

See: The Pros and Cons of Student Loans: Are They Worth It?

Check Out: Fixed- or Variable-Rate Student Loan: Which Is Right for You?

Federal student loans vs. private student loans

While both federal and private student loans could help you pay for a community college program, here are important differences between the two to keep in mind:

  • Federal student loans are offered by the Department of Education and come with fixed interest rates set by Congress. Additionally, federal student loans provide federal benefits and protections, such as access to income-driven repayment plans and student loan forgiveness programs.
  • Private student loans are offered by private lenders, each of which sets its own eligibility requirements, rates, and terms. Keep in mind that private loans don’t come with federal protections. However, they do offer some benefits of their own — for example, you might be able to borrow up to your school’s cost of attendance, and you don’t have to worry about application deadlines.
Loan typeWho qualifies?
Interest rates
(2020-21)
Loan limits
Direct Subsidized LoansUndergrad students with financial need3.73%*$3,500 to $5,500 per year
Direct Unsubsidized LoansUndergrad, graduate, and professional studentsUndergrad: 3.73%*

Graduate and professional: 5.28%*
Dependent undergrad: $5,500 to $7,500 per year ($31,000 total limit)

Independent undergrad: $9,500 to $12,500 per school year ($57,500 total limit)

Graduate and professional: $20,500 per year
($138,500 total limit)
Parent PLUS LoansParents6.28%*Cost of attendance minus any other financial aid received
Private student loansUndergrad, graduate, and professional students with:
  • Good credit (or a creditworthy cosigner)
  • Verifiable income
  • Low debt-to-income ratio
VariesUp to school’s cost of attendance
(depending on the lender)
*Federal student loan rates for the 2021-22 academic school year.

Learn More: Guide to Every Type of Student Loan Offered

What can student loans be used for?

Student loans can be used to cover a variety of education expenses, including:

  • Tuition
  • Fees
  • Books and supplies
  • Room and board (on or off campus)
  • Living expenses
  • Transportation
Tip: If you decide to take out a student loan to cover your costs, be sure to borrow only what you need. This way, you can keep your future costs as low as possible.

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.

Enter your loan information to calculate how much you could pay

? Enter the total amount borrowed $
? Enter your annual interest rate %
or
? Enter the amount of time you have to repay your loan years
Total Payment $
Total Interest $
Monthly Payment $

With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan, assuming you're making full payments while in school.


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Check Out: Is My College Housing Covered by Financial Aid?

Can community college students get student loans?

Yes, community college students can get student loans. However, keep in mind that there are different requirements for federal and private student loans.

To be eligible for a federal student loan, you must:

  • Demonstrate financial need (for most programs)
  • Be a U.S. citizen or eligible noncitizen
  • Have a valid Social Security number
  • Be enrolled or accepted for enrollment in an eligible degree or certificate program
  • Be enrolled at least half-time at an accredited school

To qualify for a private student loan, you’ll typically need:

  • Good to excellent credit (or a creditworthy cosigner)
  • Verifiable income
  • Low debt-to-income ratio
Keep in mind: There might be further eligibility requirements depending on the type of student loan as well as the lender.

Learn More:

  • Cosmetology School Student Loans and Financial Aid
  • Low-Interest Student Loans

Can you go to community college for free?

As of 2021, there are 19 states that offer tuition-free community college via grant programs. Some states provide first-dollar funding, which provides tuition fee waivers regardless of any other financial aid the student has received.

And other states offer last-dollar funding, which fills financial gaps left over after the student after the student applies for other financial aid.

Keep in mind: These programs only pay for tuition, meaning you might need to pay for additional educational expenses, such as room and board.

Here are the states that provide tuition-free programs:

ArkansasArkansas Future Grant
California
  • California Promise Program
  • Los Angeles College Promise
ConnecticutNew Haven Promise
DelawareStudent Excellence Equals Degree (SEED)
HawaiiHawai’i Promise Program
Indiana21st Century Scholars Program
KentuckyWork Ready Kentucky Scholarship Program
MarylandMaryland Community College Promise Scholarship
MassachusettsCity of Boston Free Tuition Program
MissouriA+ Scholarship Program
MontanaMontana Promise Grant Program
New YorkExcelsior Scholarship Program
NevadaNevada Promise Scholarship
OklahomaOklahoma’s Promise
OregonOregon Promise
Rhode IslandRhode Island Promise
TennesseeTennessee Promise
VirginiaGet Skilled, Get a Job, Give Back
Washington
  • College Bound Scholarship
  • Seattle Promise

Check out: 8 Best Small Student Loans

Scholarships for community college students

There are also several scholarships available that could help you pay for a community college program, such as:

  • Horatio Alger Association of Distinguished Americans, Inc. Career and Technical Education (CTE) Scholarships: These awards are specifically geared toward students who plan to earn a CTE degree or certificate at a nonprofit community college or technical school.
  • Hispanic Scholarship Fund Scholar Program: If you plan to transfer from a community college to a four-year school and are of Hispanic heritage, you might qualify for this award.
  • Sallie Mae Fund’s Bridging the Dream Scholarship Program: This award is available to high school seniors with financial need who plan to attend college or a vocational-technical school.

Check Out: Student Loan Limits: How Much in Student Loans You Can Get

What is the average cost of community college?

Community college programs tend to be significantly cheaper than four-year schools. The average cost of community college was $12,850 for the 2020-2021 school year, according to the College Board.

In comparison, here’s how the average cost of college at a traditional four-year school breaks down:

  • In-state student: $25,890
  • Out-of-state student: $41,950
  • Private school: $52,500
Tip: If you plan to pursue a bachelor’s degree, consider using the “2+2” strategy — where you attend community college for two years and then transfer to a four-year school. This approach could cut your education expenses in half.

If you decide to take out a private student loan to cover your community college costs, remember to consider as many lenders as possible to find the right loan for you.

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Keep Reading:

  • How to Pay for College
  • Is Going to College Worth It? How to Decide
About the author
Emily Guy Birken
Emily Guy Birken

Emily Guy Birken is a Credible authority on student loans and personal finance. Her work has been featured by Forbes, Kiplinger’s, Huffington Post, MSN Money, and The Washington Post online.

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