7 Student Loans for Part-time Learners

To qualify for student loans, you typically need to be enrolled at least half time at your school. This often means taking at least six credits per semester.

So if you’re a part-time student, you might still be eligible for part-time student loans depending on how many credits you’ve signed up for and what type of loan you want to take out.

7 part-time student loans to consider

If you’re enrolled at least half time, you might be eligible for federal student loans or private student loans — though keep in mind that you’ll typically need to meet other qualifying criteria, too.

Here are Credible’s partner lenders that offer private student loans to part-time students:

Ascent

Ascent offers part-time student loans only for its credit-based loans. If you’re enrolled at least half time and have either good credit or a creditworthy cosigner, you might be able to borrow $2,001* to $400,000 with Ascent.

Citizens

Citizens offers student loans from $10,000 to $50,000, depending on the degree and loan type.

You could also qualify for a 0.25% loyalty rate discount if you already have an account with Citizens — and could get another 0.25% off your rate if you sign up for autopay.

College Ave

College Ave is one of the few private lenders that will work with borrowers who are enrolled at less-than-half-time status. It also has a low minimum borrowing requirement of $1,000, which means you can likely borrow only what you need to cover one or two classes.

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. You can use funds to cover past due balances.

Plus, if you graduate with at least a bachelor’s degree, you could get a 2% principal reduction on your loan.

INvestED

INvestED loans are available only to students enrolled at least half time who are living or going to college in Indiana.

There are mo application, origination, or disbursement fees if you take out a student loan with INvestEd — but there is a 0.25% rate discount if you sign up for automatic payments.

MEFA

MEFA could be a good choice if you’re partway through your degree or plan to start attending school full time later on. This is because MEFA allows borrowers to defer their loans for up to five years while they’re still in school.

Sallie Mae

Sallie Mae is another lender that allows borrowers to be enrolled less than half time.

However, keep in mind that you’ll need to be enrolled at least half time if you want to use a Sallie Mae loan to cover personal expenses on top of school tuition and fees. With Sallie Mae, you can borrow $1,000 up to 100% of school-certified cost of attendance.

Learn More: How to Get a Student Loan for Online College

How to take out student loans as a part-time student

If you decide to take out student loans as a part-time student, follow these four steps:

1. Fill out the FAFSA. To apply for federal student loans and other federal aid, you’ll need to complete theFree Application For Federal Student Aid (FAFSA). How much you qualify for in federal student loans will depend on your financial information, enrollment status, dependency status, and what year you are in school.
2. Take any scholarships or grants first. You might qualify for school-specific college scholarships or grants through the FAFSA. Unlike student loans, you won’t have to worry about repaying these types of financial aid. You can also find scholarships and grants elsewhere — such as through local or national businesses or nonprofit organizations.
3. Opt for federal loans next. If you still need to borrow money to cover your school expenses, federal student loans are usually a good place to start. This is because federal student loans come with federal benefits and protections, including access to income-driven repayment plans and student loan forgiveness programs. Your school will let you know what federal student loans you’re eligible for after you submit the FAFSA.
4. Use private loans to fill the gaps. If you’ve exhausted your scholarship, grant, and federal student loan options, private student loans could help fill any financial gaps left over. A private student loan is also likely your only student loan option if you’re enrolled less than half time.

Tip: You’ll generally need good to excellent credit to qualify for a private student loan. Some lenders offer private student loans for bad credit, but these loans generally come with higher interest rates compared to the rates offered to borrowers with good credit.

If you’re struggling to get approved, another option is to apply 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.

Federal student loans as a part-time student

If you’re attending school on at least a half-time basis, you might be eligible for federal student loans.

This generally means signing up for at least six credits per semester, though your school might have its own definition of half time.

Your school will use your enrollment status to calculate your cost of attendance, which helps determine how much you might be able to borrow in federal loans.

Tip: Even if you’re only a part-time student, federal student loans could help you cover the cost of community college courses, pay for grad school, and more.

Just keep in mind that if you drop below half-time status, you’ll no longer be eligible for federal student loans.

What is the difference between a part-time and full-time student?

Whether you’re a part-time or full-time student generally depends on how many credits you’ve signed up for. Here’s how students are usually classified:

• Full-time students: Typically means you’ve signed up for at least 12 credit hours
• Half-time students: Typically means you’ve signed up for at least six credit hours
• Less-than-half-time students: Usually means you’ve signed up for five or fewer credit hours

Keep in mind: In most cases, full-time and half-time students might qualify for both federal and private student loans.

Less-than-half-time students generally have fewer student loan options in comparison, as they aren’t eligible for federal student loans and most private student loans.

While being a part-time student might limit your student loan or financial aid options, it also comes with its own benefits. For example:

• You’ll likely have more time for family, which can be important for adult learners.
• You might have more time for a part-time or even full-time job.
• You won’t need as much money to pay for school.
• A part-time course load can be more sustainable for your physical and mental well-being, especially if schoolwork isn’t your forte.

What happens to your student loans if you drop below half-time?

For most federal and private student loans, dropping below half-time status generally means you’ll have to begin repaying your loans.

Before you drop any classes, make sure to double-check how it will affect your enrollment status and whether you’ll need to start making student loan payments.

Tip: If your student loans have a grace period (typically six months), you’ll have that much time before you must start making payments if you drop below half time.

Also keep in mind that some student loans don’t offer a grace period, which means you might have to start making payments right away.

Make sure to check with your school to see what counts as half-time status. Then contact your servicer or lender so you know when to begin repayment.

If you decide to take out private student loans to pay for school as a part-time student, be sure to consider as many lenders as possible to find the right loan for you.

No matter if you take out federal or private student loans, be sure to consider how much the loans will cost you over time. This way, you can plan for any added expenses.