College costs involve far more than just tuition, and some of those other expenses can be substantial. Housing, for example, often costs more than tuition.
Thankfully, financial aid does cover housing. And you have a few other options to help with the costs, too.
Financial aid can cover up to the cost of attendance
You can use financial aid to cover your school’s cost of attendance, which could include both on-campus and off-campus housing. But limits apply to the amount of financial aid you can get. Your financial aid award also might not be enough to cover the full cost of attendance.
To apply for financial aid, you’ll need to fill out the Free Application for Federal Student Aid (FAFSA). The federal Department of Education uses the information you provide on the FAFSA to calculate your Expected Family Contribution (EFC) — which is how much your family is expected to contribute to your education. Your college will use your EFC, and other factors, to decide how much financial aid to offer you.
After you submit the FAFSA, your school will send you a financial aid award letter. This letter will detail the financial aid you qualify for, such as:
- Federal college grants
- Federal student loans
- School-specific awards, such as college scholarships
How much financial aid can I get?
Generally, the fewer assets you or your family have, the more financial aid you might be eligible for. This will also depend on whether you’re an independent or a dependent student.
For example, if you’re a dependent student and your parents used a 529 plan to save for your education, you might receive less financial aid. Or if you’re an independent student with no assets, you might be eligible for more.
Also keep in mind that some aid is given on a first-come, first-served basis — so it’s a good idea to submit the FAFSA as early as possible, especially if you have high financial need.
If you’re taking out student loans, find out how much you’ll owe over the life of your federal or private student loans using our student loan calculator below.
Every school publishes its own cost of attendance estimating how much it will likely cost you to attend. This generally includes:
- Tuition and fees
- Room and board
- School supplies, such as college textbooks
- Transportation
Keep in mind: Some schools’ cost estimations are more detailed than others.
For example, one school might publish different costs based on your living situation (such as on or off campus) while another won’t.
Check Out: When to Apply for Student Loans
Save money by living off campus
You also have the option of living off campus, which could be less expensive than on-campus housing depending on the apartment you choose as well as geographical location.
In this case, your school will use your financial aid to first cover your tuition and fees before releasing any leftover funds to you. You can then use this money to pay your off-campus rent.
However, if you’re considering on-campus versus off-campus housing, keep in mind that living off campus comes with its own drawbacks. These include:
- Finding the apartment you want
- Potentially dealing with roommates (or paying more rent if you don’t want roommates)
- Keeping track of bills
- Needing transportation to school
- Possibly missing on-campus social activities
Learn More: Federal vs. Private Student Loans
FAFSA housing plans
When filling out the FAFSA, you may have come across questions pertaining to the type of housing plan for each of the schools you’ve listed. These are On Campus, With Parent, and Off Campus. You must select one for each school you’re considering attending.
Does FAFSA give me more money if I live off campus?
No, selecting Off Campus does not give you more money if you decide to live off campus. For some colleges, a student’s financial aid eligibility is determined by a standard room amount. For example, the amount for the University of Notre Dame is $16,710 per student. Choosing any option won’t affect the amount of money you’ll receive.
Use private student loans to fill the gaps
If you’ve exhausted your financial aid and federal student loan options, private student loans could help fill any gaps. You might be able to borrow more in private student loans than in federal student loans, typically up to the cost of attendance.
But remember to borrow only what you need to keep your future costs low — especially since these loans aren’t eligible for federal repayment assistance like loan forgiveness.
Keep in mind: Unlike federal student loans that come with strict application deadlines, a big advantage of private student loans is that you can take them out at any point during the semester. It’s also a good idea to apply as soon as you know you need the loan funds.
If you decide to take out private student loans, be sure to consider as many lenders as possible to find the right loan for you.
Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes.
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.
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 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.
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
$1,001 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 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.
Meet the expert:
Lindsay VanSomeren
Lindsay VanSomeren specializes in credit and loans. Her work has appeared on Credit Karma, Forbes Advisor, LendingTree, and more.
