How To Get Spring Semester Student Loans and Financial Aid

Although it’s always best to start with federal student loans, if your federal aid won’t cover all your college costs, you may consider private student loans.

Best private student loans to get for spring semester

To find the best private student loan for your spring semester, it’s important to shop around with several lenders. You can acquire student loans from various qualified lenders, and can borrow either up to your school’s certified cost of attendance or a specific number. Check with your chosen lender and review their max loan amounts as well as their fixed rate vs variable rate.

The companies in the table below are Credible’s approved partner lenders. 

Methodology

Credible evaluated private student loan lenders in 10 different categories to determine the best lenders for spring semester student loans. This included interest rates, repayment options, terms, fees, discounts, customer service availability, as well as eligibility requirements and cosigner release options.

Deadline to apply for spring semester financial aid and loans

The Free Application for Federal Student Aid (FAFSA) is the form you need to complete to apply for federal student loans, grants, federal work-study programs, and some financial aid from states and colleges. FAFSA applications are open each Oct. 1 for the following school year, and applications are due by the end of June.

This means if you still want to apply for financial aid for the 2023-24 academic year, you must submit your application by June 30, 2024 at the latest. Awards are generally distributed on a first-come, first-served basis and some schools have earlier deadlines, so experts recommend submitting your application as soon as possible.

If you missed that deadline, you won’t be able to apply for federal student loans for the spring 2024 semester. But you can get private student loans anytime from various lenders.

Still, the process of applying for a loan, verifying your information, and disbursing the funds can take a while. 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.

When do student loans get disbursed for spring semester 2024?

Disbursement for federal student loans and personal student loans varies. Federal loans get disbursed directly to your school, and your school will apply the funds to your account balance. Private student loans lenders may disburse funds directly to your school or, in some cases, to you.

• Federal student loans: Generally at the beginning and midpoint of the academic year, based on your school’s schedule.
• Private student loans: Check with your lender.

How long does it take for financial aid to be disbursed?

For federal student loans and many private student loans, the lender sends the funds straight to the school rather than the student. So your school determines the disbursement schedule.

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 an 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).

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.

Check Out: Student Loans for Trade School: What to Know