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8 Best Small Student Loans for the 2021-2022 School Year

A small student loan could help you cover a variety of expenses — such as textbooks or fees — while keeping your future repayment costs low.

Dori Zinn Dori Zinn Edited by Ashley Harrison Updated January 5, 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."

In the U.S., college students leave school with an average student loan debt of $39,351 — but in some cases, you might only need to take out a small student loan to fully cover your education costs.

For example, maybe you’ve received a large amount of federal financial aid and need just a bit of extra money to cover leftover expenses.

Here’s what you should know about small student loans and where to find them:

  • 8 best student loans offering small loans
  • Student loan limits for the 2021-2022 school year
  • How to take out a small student loan
  • Taking out a student loan with bad credit
  • Other ways to pay for college
  • Small private student loans can help fill in funding gaps

8 best student loans offering small loans

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

Here are Credible’s partner lenders that offer small student loans:

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 5.74%+10 $2,001 to $400,0007 to 20
  • Fixed APR: 4.62%+10
  • Variable APR: 5.74%+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 4.89%+ $1,000 to $350,000 (depending on degree)5, 10, 15
  • Fixed APR: 4.99%+1
  • Variable APR: 4.89%+
  • 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
4.49%+2,3
4.49%+2,3 $1,000 up to 100% of the school-certified cost of attendance5, 8, 10, 15
  • Fixed APR: 4.49%+2,3
  • Variable APR: 4.49%+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%+ 5.46%+ $1,000 to $99,999 annually
($180,000 aggregate limit)
7, 10, 15
  • Fixed APR: 3.65%+
  • Variable APR: 5.46%+
  • 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 6.89%+7 $1,000 to $200,0007, 10, 15
  • Fixed APR: 7.52%+7
  • Variable APR: 6.89%+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 5.37%9 - 15.709 $1,000 up to 100% of school-certified cost of attendance10 to 20
  • Fixed APR: 4.509 - 14.83%9
  • Variable APR: 5.37%9 - 15.709
  • 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

Minimum loan amount: $2,001

If you have fair credit, Ascent could be a good option for a small student loan: You can borrow $2,001 to $400,000 (depending on whether your credit is tested) with repayment terms from five to 20 years (depending on your loan type).

Additionally, borrowers can get a rate discount of 0.25% to 2% by signing up for autopay as well as earn a 1% cashback reward if they graduate within five years.

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
5.74%+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: 5.74%+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

Citizens

Minimum loan amount: $1,000

Citizens offers private student loans from $1,000 up to 100% of your school’s cost of attendance (aggregate limits might apply). If you already have an account with Citizens, you could get a 0.25% loyalty rate reduction — plus another 0.25% off your rate if you sign up for autopay.

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
4.89%+
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

Ready to find a student loan?
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  • Fixed APR: 4.99%+1
  • Variable APR: 4.89%+
  • 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

College Ave

Minimum loan amount: $1,000

With College Ave, you can borrow $1,000 up to your school-certified cost of attendance (minus any other financial aid you’ve received) with terms from five to 15 years (depending on your degree).

If you’re taking out a parent loan with College Ave, you also have the option to receive $2,500 of the loan directly — allowing you to control your child’s spending on expenses like books, computers, or dorm supplies.

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
4.49%+2,3
Variable APR
Lowest variable rate available from this lender
4.49%+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

Ready to find a student loan?
Compare rates from top private lenders to find the right student loan for you.

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  • Fixed APR: 4.49%+2,3
  • Variable APR: 4.49%+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

Minimum loan amount: $1,000

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

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
5.46%+
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: 5.46%+
  • 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

Minimum loan amount: $1,000

If you (or a cosigner) have excellent credit, you might qualify for a private student loan from EDvestinU. You can borrow $1,000 up to 100% of your school’s cost of attendance ($200,000 aggregate limit) with terms from seven to 15 years.

You could also get a 0.50% rate discount by signing up for automatic payments — more than the typical 0.25% autopay discount commonly offered by other lenders.

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
6.89%+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

Ready to find a student loan?
Compare rates from top private lenders to find the right student loan for you.

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  • Fixed APR: 7.52%+7
  • Variable APR: 6.89%+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)

INvestEd

Minimum loan amount: $1,001

INvestEd offers student loans to borrowers living or attending school in Indiana. You can borrow $1,001 up to 100% of your school’s cost of attendance (minus any other 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

Ready to find a student loan?
Compare rates from top private lenders to find the right student loan for you.

Check Personalized Rates
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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

MEFA

Minimum loan amount: $1,500

The Massachusetts Educational Financing Authority (MEFA) works only with borrowers attending public or nonprofit universities — for-profit schools aren’t eligible. With MEFA, you can borrow $1,500 up to your school-certified cost of attendance.

Undergraduate students can choose between a 10- or 15-year term while graduate students are limited to only 15-year terms.

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

Ready to find a student loan?
Compare rates from top private lenders to find the right student loan for you.

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View Details
  • 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)

Sallie Mae

Minimum loan amount: $1,000

Sallie Mae offers private student loans from $1,000 up to 100% of school-certified cost of attendance with repayment terms from 10 to 20 years (depending on your degree).

If you have a cosigner, you can apply to release them from the loan after making just 12 consecutive, on-time payments — much less time compared to several other lenders.

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
5.37%9 - 15.709
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

Ready to find a student loan?
Compare rates from top private lenders to find the right student loan for you.

Check Personalized Rates
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View Details
  • Fixed APR: 4.509 - 14.83%9
  • Variable APR: 5.37%9 - 15.709
  • 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

Learn More: 3 Credit Unions to Consider When Taking Out a Student Loan

Student loan limits for the 2021-2022 school year

Both federal and private student loans come with student loan limits that determine the maximum amount you can borrow. But if you only want a small student loan and are approved for a higher loan amount, you’re free to accept just the amount you want — you don’t have to take the full amount you’re offered.

Keep in mind: There are also other factors that can impact what you’re allowed to borrow. For example, federal student loan amounts are affected by whether you’re an independent or dependent student, your year in school, and what other aid you’ve received.

And private student loans can be limited based on your credit (or your cosigner’s credit) and income.

Here are the limits you can expect for the 2021-22 school year:

Loan typeInterest ratesLoan amounts
Direct Subsidized LoansFixed rates: 3.73%*$3,500 to $5,500 per year
Direct Unsubsidized LoansUndergrad: 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)
Direct PLUS LoansFixed rates: 6.28%*Up to your school’s cost of attendance minus any other financial aid received
Private student loansFixed rates from (APR): 3.65%+

Variable rates from (APR): 4.49%+

(with Credible partner lenders)
Up to your school’s cost of attendance minus any other financial aid received (depending on the lender)
*Federal student loan rates for the 2021-22 academic school year.

Check Out:

  • Fed Loan Rates for ‘21-22 School Year: What You Should Know
  • How to Get Student Loans for Past-Due Tuition

How to take out a small student loan

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

  1. Fill out the FAFSA. If you need to pay for college, your first step should be completing the Free Application for Federal Student Aid (FAFSA). Your school will use your FAFSA results to determine what federal student loans and other federal financial aid you’re eligible for.
  2. Apply for scholarships and grants. Unlike student loans, college scholarships and grants don’t have to be repaid — which makes them a great way to cover education costs. There’s no limit to how many you can get, so it’s a good idea to apply for as many scholarships and grants as you can.
  3. Take out federal student loans. If you need to borrow for school, it’s usually best to start with federal student loans as they come with federal benefits and protections — such as access to a variety of repayment options and forgiveness programs. After you’ve filled out the FAFSA, your school will send you a financial aid award letter detailing what federal student loans and other federal financial aid you qualify for. You can then decide what aid — and how much — you’d like to accept.
  4. Use private student loans to fill in the gaps. Once you’ve exhausted your scholarship, grant, and federal student loan options, private student loans can help you fill any financial gaps left over. These loans can range from as little as $1,000 up to your school’s cost of attendance (depending on the lender).

Learn More: Is My College Housing Covered by Financial Aid?

Taking out a student loan with bad credit

You’ll generally need good to excellent credit to qualify for a private student loan. While there are several lenders that offer student loans for bad credit, these loans tend to come with higher interest rates compared to good credit loans.

If you don’t meet private student loan requirements on your own, applying with a cosigner might help you get approved more easily. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get alone.

Tip: Most federal student loans don’t require a credit check to qualify — which makes them a good option if you have less-than-perfect credit.

No matter which type of student loan you get, it’s important to consider how much that loan will cost you in the future. This way, you can be prepared for any added expenses. 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: Emergency Loans: How to Get a Personal Loan Fast

Other ways to pay for college

Student loans aren’t the only way to pay for college. Here are a few other options to consider that could help you keep your student loan debt low:

  • Check if a 529 plan was opened for you. A 529 plan is a type of college savings account that helps parents save on taxes while putting away money for their child’s education. If your parents (or even your grandparents) have a 529 plan for you, you can use the money for your qualified education expenses. Keep in mind that a 529 plan held by your parent could affect your Estimated Family Contribution (EFC) that’s calculated by the FAFSA — meaning you might not be offered as much financial aid.
  • Start at a community college. Attending a community college can be much less expensive compared to a traditional four-year school. To help keep your costs low, it could be a good idea to start at a community college, then transfer to a four-year school to finish your degree.
  • Enroll in a work-study program. After filling out the FAFSA, you might have the option to sign up for a work-study program. Jobs offered through these programs generally don’t pay very much, but they can help you cover small costs while also adding to your resume.
  • Get a job. Another alternative is to get a job that can help you pay for expenses while you’re taking classes. Just be sure to find something that won’t interfere with your coursework.

Learn More: Gap Years and COVID-19: What You Need to Know About Student Loans

Small private student loans can help fill in funding gaps

A small private student loan can fill in funding gaps after you’ve exhausted your scholarship, grant, and federal student loan options. For instance, a small student loan could help you pay for college textbooks, fees, or living expenses.

Just be sure to borrow only what you need so you can keep your future costs as low as possible.

Tip: Borrowing a small amount isn’t the only way to avoid racking up a high amount of student loan debt. For example, you could live on campus or make payments on your student loans while you’re in school to reduce some of your costs.

A small private student loan could also be a good choice for covering your costs if you run out of money during the semester or find yourself facing unexpected expenses. Unlike federal student loans, you can apply for a private loan at any time while you’re enrolled in school.

If you decide to take out a private student loan, remember to consider as many lenders as you can to find the right loan for your needs. Credible makes this easy — you can compare your prequalified rates from multiple lenders in two minutes.

Compare student loan rates from top lenders

  • Multiple lenders compete to get you the best rate
  • Get actual rates, not estimated ones
  • Finance almost any degree

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Keep Reading: Private Student Loans and COVID-19: What You Need to Know

Methodology: Credible evaluated loan and lender data points in 10 categories to identify the “best companies” for private student loans. We looked at interest rates, repayment terms, repayment options, fees, discounts, and customer service availability offered by 15 lenders. We also considered each company’s eligibility, cosigner release options, whether the minimum credit score is available publicly, and whether consumers could request rates with a soft credit check. Credible receives compensation from its lender partners when a user of the Credible platform closes a loan with the lender. Read the full Credible rating lender methodology. Learn about Credible’s mission and promise to our readers.
About the author
Dori Zinn
Dori Zinn

Dori Zinn is a student loan authority and a contributor to Credible. Her work has appeared in Huffington Post, Bankate, Inc, Quartz, and more.

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Home » All » Student Loans » 8 Best Small Student Loans for the 2021-2022 School Year

Student Loan Basics


  • How to Qualify for a Student Loan
  • When to Apply for a Student Loan
  • How to Apply for Student Loans
  • How to Apply for FAFSA

Choosing a Student Loan

  • Types of Student Loans
  • Federal vs. Private Student Loans
  • Subsidized vs. Unsubsidized Loans
  • Parent Plus Loans vs. Private Student Loans

Tools and Resources

  • Find a Private Student Loan
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  • Average Cost of College
  • Current Student Loan Rates
  • Find a Student Loan Cosigner
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