Can You Take Out More Student Loans Mid-Semester?

If you realize you haven’t borrowed enough student loan funds halfway through the semester, you may wonder if you can borrow more. This isn’t just an academic question: The average amount of federal student loans borrowed by an undergraduate student for the 2023-24 academic year was $6,590, according to the College Board. 

This is close to the maximum loan limit of $7,500 for dependent undergraduate students in their third year and beyond — and over the respective $5,500 and $6,500 loan limits for first- and second-year undergraduate borrowers. However, it’s far less than the average cost of tuition and fees, which was $11,610 at public in-state colleges and $43,350 at private universities for the 2024-25 school year. 

If you’re using student loans to help pay for college, here’s what you need to know about taking out more loans during the semester.

Current private student loan rates

Can you take out more student loans during the semester?

Depending on what type of loans you have and whether you’ve reached your loan limits, it may be possible to take out more student loans during the semester. 

You can apply for additional private student loan funds anytime, but the same isn’t always true for federal student loans.

“You can borrow federal student loans mid-semester, up to the annual loan limit,” says Mark Kantrowitz, student loan expert and author of “How To Appeal for More College Financial Aid.”

Federal Direct Subsidized and Unsubsidized Loans impose annual loan limits and lifetime loan limits. Borrowers who reach these limits aren’t permitted to take out any more of these loans. The annual loan limits vary by loan type, your year in school, your dependency status, and whether you're an undergraduate or graduate student. Here are the annual and aggregate federal student loan limits:

Once you hit these limits, you're unable to take out any more of these loans. But the good news is “there is no deadline, other than the end of the academic year, to borrow more federal money if you haven’t hit your limit,” says Kantrowitz. But he does caution that “some colleges may have school-specific deadlines.”

Read More: How To Apply for and Get Student Loans

How to request additional federal student loan funding

Depending on your circumstances, you can request additional federal student loan funding in a few different ways — but all of them start by contacting your college’s financial aid office.

Federal student loans require you to complete the FAFSA. Information from it is then sent to the schools you listed, which put together a financial aid package for you if you’re accepted. This package may allow you to borrow up to the annual limit for Direct Subsidized and Unsubsidized Loans, depending on your financial need and other aid you're offered, such as scholarships and grants.

Your school likely has a FAFSA deadline and a deadline for accepting your financial aid package. However, there may be options available to access more aid later if you were approved for more funding than you initially accepted. Your school's financial aid office will help you determine how to receive those extra funds.

But if you’ve already exhausted all the federal loans you were offered, you may be able to take out additional federal loans in some circumstances. 

For instance, if you believe that the information on the FAFSA doesn’t accurately reflect your family's finances, you can request an aid adjustment. This formal request made to your school’s financial aid office triggers a review of your family’s financial situation and your financial aid package so that your college may consider adjusting your aid offer.

Additionally, dependent students may ask a parent to apply for a federal parent PLUS loan to help pay for college expenses, while graduate students may be eligible for a federal grad PLUS loan.

Check Out: Compare the Best Graduate Student Loans

How to apply for additional private student loans mid-semester

Applying for additional private student loans can be simpler than getting additional federal funds. Private student loans typically have online applications that you can complete anytime during the school year. Private lenders also generally allow you to borrow up to the school-certified cost of attendance, so more money may be available to you if you need it.

However, private loans do require borrowers to meet certain minimum credit and income requirements, which may make it difficult for students to qualify for additional private loans on their own. You may need to apply for additional private student loans with a cosigner. In addition, you may need to start repaying your private loans immediately, as not all private lenders offer in-school deferment.

If you’ve reached your annual federal student loan limit and need more money, there are two main options for affording your education. 

“One option is to ask your college about a tuition installment plan, which spreads one-year college costs into equal monthly installments over the semester or academic year,” Kantrowitz says. “There is typically no interest, but there may be an up-front fee.”

Generally, college financial aid offices are willing to work with you, which is why so many schools offer these kinds of installment plans. They want you to be able to afford your education without stress.

“The other option is private student loans, which might require a creditworthy cosigner if the student cannot qualify on their own,” says Kantrowitz. “More than 90% of private student loans to undergraduate students involve a cosigner.”

While taking out a private student loan can ease immediate financial concerns, remember that private loans don’t come with the borrower protections and benefits of federal student loans. 

Alternatives to borrowing more during the semester

While borrowing more money during the semester may be one way of bridging a financial gap, it’s not the only way to cover your educational expenses. Here are some alternatives to loans that can get you through the semester without taking on more debt:

• Emergency financial aid: A number of schools offer emergency financial support to students facing financial hardship, but it’s typically limited to small amounts, such as $1,000. 
• Scholarships and grants: This kind of financial aid doesn’t have to be repaid, making it the ideal option for educational expenses. Many scholarships and grants require completion of the FAFSA, but some don’t, and you can find and apply for these awards online throughout the year. Just make sure you meet the deadlines.
• Work-study and part-time employment: A federal work-study position may be part of your overall financial aid package if you have financial need. This program offers part-time jobs on and off campus to help fund your education. If you don't qualify for work-study, you can seek your own part-time employment to help pay for your degree.