How To Get Spring Semester Student Loans and Financial Aid

If you need funding for the spring semester, you're not alone. Maybe you didn't apply for financial aid in the fall, borrowed less than you actually needed, or underestimated your costs. Whatever the reason, you still have options.

“You're absolutely able to take out student loans for just one semester,” says Andrew Paulson, certified student loan professional and founder of Lead Student Loan Consultant.

Federal loans are usually the best place to start. If you've hit your borrowing limit or need additional funding, private student loans can help fill the gap.

Here's what you need to know about getting a student loan for the spring semester and which lenders to consider.

Current private student loan rates

When is the deadline to apply for spring semester loans?

You'll need to complete the Free Application for Federal Student Aid (FAFSA) to get federal student loans. The FAFSA opens each year on Oct. 1 for the following academic year, and applications are due by the end of June.

For the 2024-25 school year, you must submit your FAFSA by June 30, 2025, to qualify for federal aid. However, many schools and states have earlier deadlines, and some funds are distributed on a first-come, first-served basis. Applying as early as possible can give you the best chance of receiving aid.

“The amount you can borrow depends on a few things, like your school's cost of attendance, whether you're enrolled full-time or part-time, your status as an undergraduate or graduate student, and how much of your annual loan limit you've already used,” says Paulson.

If you missed the FAFSA deadline, you won't be able to take out federal loans for the spring 2025 semester. However, private student loans are still an option. These loans are available year-round, though the application and approval process takes time. The timeline varies from lender to lender, but to be on the safe side, you should apply at least two months prior to your tuition due date.

Best private student loans for spring semester

Although it's usually best to start with federal student loans due to their borrower benefits, if your federal aid won't cover all your costs, you may consider private student loans. Here are the best private student loan lenders for spring semester loans.

Why you can trust our Credible experts

The Credible editorial team is independent and unbiased. Partners do not influence our editorial content. To help you find the best student loan for your situation, we conduct thorough research and analyze thousands of lender data points. Using data-driven methodologies, we score criteria that are important to you. This allows us to objectively rank student loan lenders and products. To learn more, read our methodology below.

Methodology

To determine the best student loan lenders for the spring semester, Credible collected more than 1,000 points of data on two dozen companies and evaluated them on several different categories: repayment options, eligibility, interest rates, loan terms, and customer support. We assigned a score out of five stars to each lender based on our findings. Below are the weightings assigned to the general categories for the best student loan companies — which comprise individual criteria that are also weighted.

• Repayment options: 30%
• Eligibility: 25%
• Interest rates: 20%
• Loan terms: 15%
• Customer support: 10%

While the best lender for you will depend on your unique needs and financial circumstances, these findings should help answer your questions and assist you in your search for the best student loan.

Learn more about our methodology.

When do student loans get disbursed for spring semester 2025?

Disbursement for federal student loans and personal student loans varies. Federal loans get disbursed directly to your school, and your school applies the funds to your account balance.

Private student loan lenders may disburse funds directly to your school or, in some cases, to you.

• Federal student loans: These loans are generally disbursed at the beginning and midpoint of the academic year, based on your school's schedule.
• Private student loans: Disbursement timelines vary based on when you apply for the loan. Check with your lender to confirm.

You can usually find disbursement dates and additional information in the financial aid section of your school's website or by calling the school's financial aid office. But most schools break disbursements up into two parts: one around the beginning of the fall semester and another at the start of the spring semester.

Can I get financial aid for one semester?

Federal student aid awards generally apply for the entire academic year — the fall, spring, and summer semesters (in that order).

If you don't attend college for the entire academic year, you can't receive your full financial aid award from the federal government. For example, if you're eligible to receive $5,000 in federal loans for the academic year but only attend one semester, you can only receive $2,500 in federal financial aid.

However, you can apply for private loans any time of year — even if you only need the loan for one semester. Some private lenders base the amount you can borrow per academic year on the school-certified cost of attendance to ensure you don't borrow more than you actually need to cover tuition, room and board, fees, supplies, and other necessary expenses (after taking into account scholarships, grants, and other forms of financial aid).

“I'd recommend chatting with your school's financial aid office to explore all your options. They can guide you through federal loans, which are often the most favorable choice, and any alternative funding such as private loans if needed,” says Paulson.

Private student loan rate trends

What happens if I don’t use all my financial aid money?

If you have money remaining after the school applies your financial aid money to tuition, fees, textbooks, and other required equipment and materials, you have a few options.

You may be able to leave the money in your account with the school and apply it to a future semester. You can also have the school issue you a refund — either as a direct deposit to your bank account or a paper check.

You can use this money to cover living expenses, but keep in mind that it’s still borrowed money. You’ll continue to accrue interest on it and will have to repay the principal and interest eventually. Unless you really need the money, you should consider returning it to the lender to avoid paying interest on money you didn’t need to borrow.

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