Colleges typically give you a few weeks or months after the start of the semester to pay your tuition and other fees. However, it’s possible to fall behind and end up with a past-due balance — like if you’re facing a financial emergency or other unexpected circumstances. If this happens, you might consider using student loans or other financial aid to cover your past-due balance.
While having a past-due balance isn’t ideal, you have options that can help you get caught up on payments. Here are a few potential ways to get your account back in good standing:
1. Fill out the FAFSA to claim federal loans
If you need to cover college expenses (such as past-due tuition), 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, state, or institutional aid you’re eligible for.
For example, you might qualify for college grants, scholarships, or federal student loans — which you can use to cover your past-due balance as well as future education costs.
You can complete the FAFSA online by visiting StudentAid.gov. You’ll start by creating an FSA ID, which is your unique log-in information. If you’re completing the FAFSA as a dependent student, you’ll submit information for yourself and your parents. Visit the StudentAid.gov website for more information about dependency status.
Make sure to fill out the FAFSA before the deadline passes so you don’t miss out on any of the financial aid that you can get. For the 2023-2024 academic year, you have until June 30, 2024, to submit the FAFSA. Note that some states and schools have their own deadlines, too. You can double-check with your school’s financial aid office to see if there are any other deadlines you’ll need to meet. Also keep in mind that the sooner you submit the FAFSA, the better — especially since some aid is given on a first-come, first-served basis. Remember that the deadline is June 30, 2024 for the upcoming 2023-24 academic year — so you still have plenty of time to apply and avoid past-due balances in the future.
Learn More: When You Should Apply for a Student Loan
2. Speak to your financial aid office about emergency loans
Some colleges have emergency student loans available if you’re facing a short-term crisis. If your account is past due and your expected financial aid hasn’t come through yet, talk to your financial aid office.
You might qualify for an emergency loan through the school that will pay off your balance and let you register for classes.
Tip:
Make sure to keep in contact with your financial aid office instead of ignoring the problem of a past-due balance. They’re there to help you and might be able to connect you with resources specifically available to students in your situation.
In addition to assisting with emergency loan options, your school’s financial aid office can be a great resource to help you find opportunities for grants and scholarships you might qualify for, as well as work-study programs.
Find Out: How Student Loans Work
3. Use private student loans
A private student loan could also help you pay off a past-due balance if you’ve exhausted all your federal student aid. Private student loans typically have lower interest rates and longer repayment terms than personal loans, plus higher student loan limits.
Unlike federal loans that have strict deadlines, you can apply for private student loans at any time. However, keep in mind that even if you’re approved, it could take around three weeks from the time you submit your private loan application until you receive your funds — or up to two to three months if there are any delays.
Because of this, it’s a good idea to apply as far in advance as possible to give yourself plenty of time.
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 situation.
Credible makes this easy — you can compare your prequalified rates from our partner lenders in the table below in two minutes.
Advertiser DisclosureLoan 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.
Overview
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 $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
$1,000 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.
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 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 cost of attendance
Overview
Education Loan Finance (ELFI) is a division of Tennessee-based SouthEast Bank owned by Education Loan Finance, Inc., a non-profit whose mandate is to provide access to higher education. ELFI launched in 2015 and offers undergraduate, graduate, and parent private student loans as well as student loan refinancing.
ELFI student loans and refinance loans are available to residents in all U.S. states including Puerto Rico. Borrowers can benefit from no application, origination, or prepayment fees. ELFI also offers flexible repayment terms and competitive rates, however there’s no cosigner release option and the lender doesn’t offer any discounts.
Loan amounts
$1,000 - Cost of attendance
Cosigner release
A cosigner may not be taken off a loan, but the borrower can apply for a new loan without their cosigner.
Eligibility
All 50 states as well as Washington DC and Puerto Rico.
Learn More: How Long Does It Take To Get a Student Loan?
What happens when your tuition is past due?
If you don’t pay off your account by the due date, you risk some serious consequences that can affect your status as a student and your finances. These include the following:
- You might not be able to register for classes. If you don’t pay the past-due amount immediately, your current registration might be canceled. Plus, the school could prohibit you from registering for other classes.
- You can’t receive or view transcripts. Since your account is past due, you won’t be able to receive or view your transcripts. This makes it impossible to apply to other schools or graduate programs.
- You might end up with late fees. The school might charge you monthly late fees, which could add hundreds of dollars to your bill.
- The school could send your account to collections. If you don’t promptly pay the money you owe, your school could send your account to a collection agency. This could have a negative impact on your credit and damage your credit score, which will make it hard to qualify for other types of credit.
- You’ll be ineligible for financial aid. If your account is delinquent, you might become ineligible for current or future financial aid, including scholarships or grants.
- International students could lose their visas. To get a student visa as an international student, you have to be enrolled at a qualifying university. If your account is past due, your registration might be canceled, which can affect your enrollment status at the school. This might also affect your ability to get a student loan as an international student.
If your tuition balance is past due, it’s possible to get help. For example, a private student loan from Credible can help you get the funds you need to get current on your tuition. If you decide to take out a loan, make sure to only borrow as much as you need.
Find Your Student Loan
Keep reading: How To Go Back to School With Student Loans in Default
When is my balance considered past due?
An unpaid balance will typically become past due once your school’s payment deadline has passed. Keep in mind that individual schools will have their own policies explaining when an account is considered past due, though.
For example, your school might designate your account as having a past-due balance if you have $100 or more in unpaid charges.
Here are a few scenarios where you’ll have a past-due balance on your student account:
- You owe money on your student account for any semester prior to the current term.
- You’re on a tuition payment plan for the current semester and miss a payment.
- You have a balance for the current semester.
If you decide to take out a private student loan to cover a past-due balance, remember to consider as many lenders as you can to find the right loan for your needs.
This is easy with Credible — you can compare your prequalified rates from multiple lenders in two minutes.
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Meet the expert:
Taylor Medine
Taylor Medine is a Credible authority on personal finance. Her work has been featured on Bankrate, Experian, The Balance, Business Insider, Credit Karma, and more. She’s also the author of The 60-Minute Money Plan, a self-published intro to budgeting guide for people who hate budgeting.
