Attending community college can often be more affordable than a four-year university. In the 2023-24 academic year, tuition and fees at community colleges averaged $3,990, while four-year in-state colleges cost around $11,260, according to the College Board. But even with these savings, you might still need student loans or other financial aid to cover your expenses.
We reviewed several lenders and found College Ave to be the top choice for community college students due to its competitive rates, no fees, and flexible repayment options. Ascent and Sallie Mae are also strong alternatives to consider.
Here's what to know about taking out student loans for community college.
Advertiser DisclosureOverview
While Ascent provides traditional student loans for undergraduate, graduate, and medical programs, it also stands out with some options that are uncommon among private student loan lenders. For example, its Outcomes-Based Loan, which doesn't require established credit or a cosigner, is available to juniors and seniors. When assessing your application, Ascent considers factors including your school, major, and GPA to determine if you're eligible.
Ascent also offers its Progressive Repayment plan to qualified borrowers. It allows you to begin with smaller payments at the start of the repayment term and then gradually pay more each month over time. If you borrow with a cosigner, they can be released after you make as few as 12 monthly payments. However, cosigners for loans for international students do not qualify.
pros
- Doesn’t charge application fees or origination fees
- Offers discounts of 0.25 to 1 percentage points when using automatic payment
- Can get a 1% cash-back reward after you graduate
- Grace periods from 9 months to 36 months
cons
- May find lower interest rates with some competitors
- International students don’t have option to release cosigners
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.
$1,000 to $350,000 (depending on degree)
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
pros
- Multiyear approval lets you secure funding for future school years
- You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
- International students can apply with a qualified cosigner
cons
- Fewer repayment terms to choose from than some other lenders
- Long wait time for cosigner release
- Parents can’t defer payments while student is in school
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 $225,000 for undergraduate and graduate degrees; $300,000 for MBA and law; and $225,000 or $400,000 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.
$1,000 up to 100% of the school-certified cost of attendance
Overview
College Ave offers student loans for almost every type of degree program, with a range of repayment options, including a unique eight-year repayment term. Additionally, you can get extended grace periods of as long as 36 months on graduate, dental, and medical student loans.
It's also possible to get loan approval for multiple school years at one time. About 90% of undergraduates applying with a cosigner are approved for additional student loans. However, you must complete at least half of your repayment term before you can remove a cosigner for your loan. Some lenders allow cosigners to be released much sooner, after as few as one to two years of payments.
pros
- Rate discount of one-quarter of a percentage point for using autopay
- Does not charge origination or application fees
- May qualify for multiyear approval
- Grace periods between 9 and 36 months for graduate, MBA, law, dental, and medical school loans and 36 months
cons
- Parents borrowers are required to pay at least the interest while the student is in school
- Cosigners not eligible for release until at least half the repayment term of the loan is completed
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
Available after more than half of the scheduled repayment period has elapsed and other requirements are met
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.
$1,000 to $99,999 annually $180,000 aggregate limit)
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
pros
- Multiyear approval lets you secure funding for future school years
- You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
- International students can apply with a qualified cosigner
- Offers parent student loans
cons
- Fewer repayment terms to choose from than some other lenders
- Long wait time for cosigner release
- Parents can’t defer payments while student is in school
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.
$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.
pros
- Low minimum borrowing limits
- Autopay discount of 0.25 percentage points
- Short cosigner release requirements
- Transparent qualification requirements
cons
- Loans are available only to Indiana residents
- No prequalification option to view your rates
- No loan options for international students
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.
$1,500 up to school’s certified cost of attendance less aid
Overview
Massachusetts Educational Financing Authority (MEFA) offers student loans to borrowers with good credit. However, you won't be able to see your potential rate before applying.
The lender doesn't charge any fees and its rates are competitive, though MEFA only offers two repayment terms. You can add a cosigner to your loan if you're unable to qualify, but only one repayment plan allows you to release your cosigner.
pros
- Doesn’t charge any fees
- Low maximum rate compared with some lenders
- Can borrow up to the school-certified cost of attendance
cons
- No discounts for borrowers
- Limited repayment terms
- No prequalification available
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.
$1,000 up to 100% of school-certified cost of attendance
Overview
Sallie Mae offers the Smart Option Student Loan for undergraduate students and a suite of loans for 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, applying for a Smart Option Student Loan with a cosigner may help you get a better rate.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, medical school, and health profession programs.
pros
- Can borrow up to school-certified cost of attendance
- No prepayment or origination fees
- Loans available to noncitizens with an eligible cosigner
- Cosigner release after 12 on-time payments
cons
- No parent loan options
- No option to check your rates through prequalification
- Loan terms not disclosed until after you apply
Loan terms
10 to 15 years for the Smart Option Student Loan; 15 years for law school, MBA, and graduate school loans; 20 years for medical school loans
Loan amounts
$1,000 up to school-certified cost of attendance. Student must be listed as the borrower, and a parent may cosign.
Cosigner release
After you graduate, make 12 one-time principal and interest payments, and meet certain credit requirements
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens residing and attending school in the U.S. may qualify by applying with a creditworthy cosigner, who must be a U.S. citizen or permanent resident, and providing an unexpired government-issued photo ID.
Overview
While Ascent provides traditional student loans for undergraduate, graduate, and medical programs, it also stands out with some options that are uncommon among private student loan lenders. For example, its Outcomes-Based Loan, which doesn't require established credit or a cosigner, is available to juniors and seniors. When assessing your application, Ascent considers factors including your school, major, and GPA to determine if you're eligible.
Ascent also offers its Progressive Repayment plan to qualified borrowers. It allows you to begin with smaller payments at the start of the repayment term and then gradually pay more each month over time. If you borrow with a cosigner, they can be released after you make as few as 12 monthly payments. However, cosigners for loans for international students do not qualify.
pros
- Doesn’t charge application fees or origination fees
- Offers discounts of 0.25 to 1 percentage points when using automatic payment
- Can get a 1% cash-back reward after you graduate
- Grace periods from 9 months to 36 months
cons
- May find lower interest rates with some competitors
- International students don’t have option to release cosigners
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 $350,000 (depending on degree)
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
pros
- Multiyear approval lets you secure funding for future school years
- You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
- International students can apply with a qualified cosigner
cons
- Fewer repayment terms to choose from than some other lenders
- Long wait time for cosigner release
- Parents can’t defer payments while student is in school
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 $225,000 for undergraduate and graduate degrees; $300,000 for MBA and law; and $225,000 or $400,000 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 100% of the school-certified cost of attendance
Overview
College Ave offers student loans for almost every type of degree program, with a range of repayment options, including a unique eight-year repayment term. Additionally, you can get extended grace periods of as long as 36 months on graduate, dental, and medical student loans.
It's also possible to get loan approval for multiple school years at one time. About 90% of undergraduates applying with a cosigner are approved for additional student loans. However, you must complete at least half of your repayment term before you can remove a cosigner for your loan. Some lenders allow cosigners to be released much sooner, after as few as one to two years of payments.
pros
- Rate discount of one-quarter of a percentage point for using autopay
- Does not charge origination or application fees
- May qualify for multiyear approval
- Grace periods between 9 and 36 months for graduate, MBA, law, dental, and medical school loans and 36 months
cons
- Parents borrowers are required to pay at least the interest while the student is in school
- Cosigners not eligible for release until at least half the repayment term of the loan is completed
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
Available after more than half of the scheduled repayment period has elapsed and other requirements are met
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.
Loan Amounts
$1,000 to $99,999 annually $180,000 aggregate limit)
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
pros
- Multiyear approval lets you secure funding for future school years
- You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
- International students can apply with a qualified cosigner
- Offers parent student loans
cons
- Fewer repayment terms to choose from than some other lenders
- Long wait time for cosigner release
- Parents can’t defer payments while student is in school
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
$1,001 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.
pros
- Low minimum borrowing limits
- Autopay discount of 0.25 percentage points
- Short cosigner release requirements
- Transparent qualification requirements
cons
- Loans are available only to Indiana residents
- No prequalification option to view your rates
- No loan options for international students
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) offers student loans to borrowers with good credit. However, you won't be able to see your potential rate before applying.
The lender doesn't charge any fees and its rates are competitive, though MEFA only offers two repayment terms. You can add a cosigner to your loan if you're unable to qualify, but only one repayment plan allows you to release your cosigner.
pros
- Doesn’t charge any fees
- Low maximum rate compared with some lenders
- Can borrow up to the school-certified cost of attendance
cons
- No discounts for borrowers
- Limited repayment terms
- No prequalification available
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 up to 100% of school-certified cost of attendance
Overview
Sallie Mae offers the Smart Option Student Loan for undergraduate students and a suite of loans for 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, applying for a Smart Option Student Loan with a cosigner may help you get a better rate.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, medical school, and health profession programs.
pros
- Can borrow up to school-certified cost of attendance
- No prepayment or origination fees
- Loans available to noncitizens with an eligible cosigner
- Cosigner release after 12 on-time payments
cons
- No parent loan options
- No option to check your rates through prequalification
- Loan terms not disclosed until after you apply
Loan terms
10 to 15 years for the Smart Option Student Loan; 15 years for law school, MBA, and graduate school loans; 20 years for medical school loans
Loan amounts
$1,000 up to school-certified cost of attendance. Student must be listed as the borrower, and a parent may cosign.
Cosigner release
After you graduate, make 12 one-time principal and interest payments, and meet certain credit requirements
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens residing and attending school in the U.S. may qualify by applying with a creditworthy cosigner, who must be a U.S. citizen or permanent resident, and providing an unexpired government-issued photo ID.
Why you can trust Credible
The Credible editorial team is independent and unbiased, which means that partners do not influence our editorial content. To help you find the best student loan for your situation, we analyzed over one thousand personal loan data points. Using data-driven methodologies, we scored criteria that are important to you. This approach allows us to objectively rank student loans. To learn more, read our methodology below.
Ascent
Ascent offers student loans from $2,001* to $400,000 with repayment terms from five to 20 years. Additionally, borrowers who complete their degree within five years could be eligible for a 1% cashback graduation reward.
Min. Credit Score
Does not disclose
Variable APR
5.66 - 15.16%
Loan Amount
$2,001 to $400,000
Doesn’t charge application fees or origination fees
Offers discounts of 0.25 to 1 percentage points when using automatic payment
Can get a 1% cash-back reward after you graduate
Grace periods from 9 months to 36 months
May find lower interest rates with some competitors
International students don’t have option to release cosigners
Overview
While Ascent provides traditional student loans for undergraduate, graduate, and medical programs, it also stands out with some options that are uncommon among private student loan lenders. For example, its Outcomes-Based Loan, which doesn't require established credit or a cosigner, is available to juniors and seniors. When assessing your application, Ascent considers factors including your school, major, and GPA to determine if you're eligible.
Ascent also offers its Progressive Repayment plan to qualified borrowers. It allows you to begin with smaller payments at the start of the repayment term and then gradually pay more each month over time. If you borrow with a cosigner, they can be released after you make as few as 12 monthly payments. However, cosigners for loans for international students do not qualify.
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.
Pros
- 1% cashback graduation reward
- 0.25% autopay discount
- Cosigner release offered after 24 consecutive, on-time payments
Cons
- $200,000 aggregate limit, which might not be enough if you plan to transfer from community college to another more expensive program
- Ascent Non-Cosigned Future Income-Based Loans not available for community college students
- Must have at least two years of sufficient credit history to apply without a cosigner
Citizens
With Citizens, you can borrow as little as $1,000 up to 100% of your school’s cost of attendance with terms from five to 15 years.
If you already have an account with Citizens, you could get a 0.25% rate discount — plus another 0.25% off your rate if you sign up for automatic payments.
Best for Multi-Year Approval
Variable APR
5.50 - 16.12%
Loan Amount
$1,000 to $350,000 (depending on degree)
Multiyear approval lets you secure funding for future school years
You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
International students can apply with a qualified cosigner
Fewer repayment terms to choose from than some other lenders
Long wait time for cosigner release
Parents can’t defer payments while student is in school
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
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 $225,000 for undergraduate and graduate degrees; $300,000 for MBA and law; and $225,000 or $400,000 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.
Pros
- 0.25% autopay discount
- 0.25% loyalty discount
- No application, origination, or disbursement fees
Cons
- Might be hard to qualify if you don’t have good credit
- Doesn’t disclose minimum income requirements
- Long cosigner release period (36 months)
College Ave
College Ave student loans range from $1,000 up to 100% of your school-certified cost of attendance (minus any other financial aid you’ve received) with terms from five to 15 years.
Additionally, parent borrowers have the option to receive up to $2,500 of the loan directly, allowing you to control your child’s spending on various expenses.
Best for Extended Grace Periods
Min. Credit Score
Does not disclose
Variable APR
5.34 - 17.99%
Loan Amount
$1,000 up to 100% of the school-certified cost of attendance
Term
5, 8, 10, 15 (20 for health professionals)
Rate discount of one-quarter of a percentage point for using autopay
Does not charge origination or application fees
May qualify for multiyear approval
Grace periods between 9 and 36 months for graduate, MBA, law, dental, and medical school loans and 36 months
Parents borrowers are required to pay at least the interest while the student is in school
Cosigners not eligible for release until at least half the repayment term of the loan is completed
Overview
College Ave offers student loans for almost every type of degree program, with a range of repayment options, including a unique eight-year repayment term. Additionally, you can get extended grace periods of as long as 36 months on graduate, dental, and medical student loans.
It's also possible to get loan approval for multiple school years at one time. About 90% of undergraduates applying with a cosigner are approved for additional student loans. However, you must complete at least half of your repayment term before you can remove a cosigner for your loan. Some lenders allow cosigners to be released much sooner, after as few as one to two years of payments.
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
Available after more than half of the scheduled repayment period has elapsed and other requirements are met
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.
Pros
- Might be able to borrow up to your school’s cost of attendance
- 0.25% autopay discount
- No application, origination, or disbursement fees
Cons
- Doesn’t disclose minimum income or credit requirements
- Can’t apply for cosigner release until more than half of the repayment term has elapsed
- Income for the past two years must be more than twice your outstanding loan balance to qualify for cosigner release
Custom Choice
The Custom Choice Loan is available from $1,000 to $99,999 annually ($180,000 aggregate limit) with a three- or five-year term. Also, you could get a 2% principal reduction on your loan if you graduate with at least a bachelor’s degree.
Best for Discounts and Rewards
Min. Credit Score
Does not disclose
Variable APR
4.97 - 14.52%
Loan Amount
$1,000 to $99,999 annually $180,000 aggregate limit)
Multiyear approval lets you secure funding for future school years
You can reduce your rate by 0.5 percentage points with autopay and loyalty discounts
International students can apply with a qualified cosigner
Offers parent student loans
Fewer repayment terms to choose from than some other lenders
Long wait time for cosigner release
Parents can’t defer payments while student is in school
Overview
Citizens Bank offers private student loans for undergraduate and graduate students, as well as parents. With its multiyear approval option, you can apply for a loan once, and as long as you qualify, you won't need to reapply each year. This means you can secure loans for future academic years without multiple hard credit checks.
Citizens borrowers can also take advantage of interest rate discounts. If you or your cosigner has an account with Citizens Bank, you can reduce your rate by 0.25 percentage points. Another 0.25 percentage points can be shaved off by enrolling in automatic payments, giving you the chance to lower your rate by up to 0.5 percentage points.
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.
Pros
- 0.25% autopay discount
- Offers small loan amounts
- Can use loan funds to cover past-due balances
Cons
- Doesn’t disclose minimum income requirements
- Limited repayment terms (only three or five years)
- Not available in Arizona, Iowa, or Wisconsin
INvestEd
If you live in or attend school in Indiana, INvestEd might be a good option for private student loans. You can borrow $1,001 up to 100% of your school’s cost of attendance (minus any other financial aid you’ve received) with terms from five to 15 years.
Best for Indiana Students
Variable APR
7.77 - 11.81%
Loan Amount
$1,001 up to 100% of school certified cost of attendance
Low minimum borrowing limits
Autopay discount of 0.25 percentage points
Short cosigner release requirements
Transparent qualification requirements
Loans are available only to Indiana residents
No prequalification option to view your rates
No loan options for international students
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.
Pros
- Might be able to borrow up to your school’s cost of attendance
- 0.25% autopay discount
- Offers college planning and financial aid resources to help students and families
Cons
- Only available to borrowers living or attending school in Indiana
- Long cosigner release period (48 months)
- Charges late and returned payment fees
MEFA
The Massachusetts Educational Financing Authority (MEFA) offers fixed-rate loans from $1,500 or $2,000 (for a public or private school, respectively) up to your school-certified cost of attendance (minus any other financial aid you’ve received).
Best for borrowers with good credit
Loan Amount
$1,500 up to school’s certified cost of attendance less aid
Doesn’t charge any fees
Low maximum rate compared with some lenders
Can borrow up to the school-certified cost of attendance
No discounts for borrowers
Limited repayment terms
No prequalification available
Overview
Massachusetts Educational Financing Authority (MEFA) offers student loans to borrowers with good credit. However, you won't be able to see your potential rate before applying.
The lender doesn't charge any fees and its rates are competitive, though MEFA only offers two repayment terms. You can add a cosigner to your loan if you're unable to qualify, but only one repayment plan allows you to release your cosigner.
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.
Pros
- Might be able to borrow up to your school’s cost of attendance
- Fixed rates mean your payments won’t ever change
- No application, origination, or disbursement fees
Cons
- Doesn’t offer variable rates
- Long cosigner release period (48 months)
- Cosigner release available only on 15-year undergraduate loans with deferred payments
Sallie Mae
With Sallie Mae, you can borrow $1,000 up to 100% of school-certified cost of attendance with terms from 10 to 20 years. Additionally, borrowers can apply for cosigner release after just 12 months of consecutive, on-time payments.
Min. Credit Score
Does not disclose
Variable APR
5.04 - 15.21%
Loan Amount
$1,000 up to 100% of school-certified cost of attendance
Can borrow up to school-certified cost of attendance
No prepayment or origination fees
Loans available to noncitizens with an eligible cosigner
Cosigner release after 12 on-time payments
No parent loan options
No option to check your rates through prequalification
Loan terms not disclosed until after you apply
Overview
Sallie Mae offers the Smart Option Student Loan for undergraduate students and a suite of loans for 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, applying for a Smart Option Student Loan with a cosigner may help you get a better rate.
Through Sallie Mae, you can find a variety of loans designed for specific needs, including loans for MBA programs, law school, medical school, and health profession programs.
Loan terms
10 to 15 years for the Smart Option Student Loan; 15 years for law school, MBA, and graduate school loans; 20 years for medical school loans
Loan amounts
$1,000 up to school-certified cost of attendance. Student must be listed as the borrower, and a parent may cosign.
Cosigner release
After you graduate, make 12 one-time principal and interest payments, and meet certain credit requirements
Eligibility
Must be a U.S. citizen or permanent resident enrolled in an eligible program. Noncitizens residing and attending school in the U.S. may qualify by applying with a creditworthy cosigner, who must be a U.S. citizen or permanent resident, and providing an unexpired government-issued photo ID.
Pros
- Might be able to borrow up to your school’s cost of attendance
- 0.25% autopay discount
- Cosigner release available after just 12 months
Cons
- Doesn’t disclose minimum income or credit requirements
- Rates can be higher compared to other lenders
- Charges late fees
Methodology
The lenders in this list are all Credible partners. We evaluated them based on interest rates and origination fees, loan amounts, loan terms, discounts, whether cosigners are accepted and more. Our team of experts gathered information from each lender's website, customer service department, directly from our partners and via email support. We verified all the data points to make sure they were accurate and up to date.
To determine the best student loans for community college, 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 community college student loan.
Learn more about our methodology.
If you’re ready to take out a student loan for community college, follow these four steps:
- Fill out the FAFSA. Community college students are eligible for federal financial aid just like students of four-year colleges — which means 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 student loans and other federal aid you’re eligible for.
- Apply for scholarships and grants. Unlike student loans, college scholarships and grants don’t have to be repaid. Additionally, there’s no limit to how many you can get, so be sure to apply for as many scholarships and grants as possible. You might also qualify for scholarships from your school depending on your FAFSA information.
- Accept federal student loans. Once you fill out the FAFSA, your school will send you a financial aid award letter detailing what federal student loans and other federal financial aid you’re eligible for. You can then choose which aid you’d like to accept.
- Use private loans to fill the gaps. After you’ve exhausted scholarship, grant, and federal student loan options, private student loans can help fill any financial gaps left over. Be sure to consider as many lenders as you can to find a private student loan that best suits your needs.
Tip: You’ll typically need good to excellent credit to qualify for a private student loan. A good credit score is usually considered to be 700 or higher.
If you’re struggling to get approved, consider applying with a cosigner to improve your chances. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.
See: The Pros and Cons of Student Loans: Are They Worth It?
Check Out: Fixed- or Variable-Rate Student Loan: Which Is Right for You?
Federal student loans vs. private student loans
While both federal and private student loans could help you pay for a community college program, here are important differences between the two to keep in mind:
| | | |
|---|
| Undergrad students with financial need | | $3,500 to $5,500 per year |
Direct Unsubsidized Loans | Undergrad, graduate, and professional students | Undergrad: 6.53*
Graduate and professional: 8.08* | 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) |
| | | Cost of attendance minus any other financial aid received |
| Undergrad, graduate, and professional students with:
- Good credit (or a creditworthy cosigner)
- Verifiable income
- Low debt-to-income ratio
| | Up to school’s cost of attendance
(depending on the lender) |
*Federal student loan rates for the 2024-25 academic school year. |
What can student loans be used for?
Student loans can be used to cover a variety of education expenses, including:
- Tuition
- Fees
- Books and supplies
- Room and board (on or off campus)
- Living expenses
- Transportation
“If you decide to take out a student loan to cover your costs, be sure to borrow only what you need. This way, you can keep your future costs as low as possible.”
— Renee Fleck, Editor, Student Loans
Yes, community college students can get student loans. However, keep in mind that there are different requirements for federal and private student loans.
To be eligible for a federal student loan, you must:
- Demonstrate financial need (for most programs)
- Be a U.S. citizen or eligible noncitizen
- Have a valid Social Security number
- Be enrolled or accepted for enrollment in an eligible degree or certificate program
- Be enrolled at least half-time at an accredited school
To qualify for a private student loan, you’ll typically need:
- Good to excellent credit (or a creditworthy cosigner)
- Verifiable income
- Low debt-to-income ratio
Keep in mind:
There might be further eligibility requirements depending on the type of student loan as well as the lender.
Learn More: Cosmetology School Student Loans
As of 2021, there are 19 states that offer tuition-free community college via grant programs. Some states provide first-dollar funding, which provides tuition fee waivers regardless of any other financial aid the student has received.
And other states offer last-dollar funding, which fills financial gaps left over after the student after the student applies for other financial aid.
Keep in mind:
These programs only pay for tuition, meaning you might need to pay for additional educational expenses, such as room and board.
Here are the states that provide tuition-free programs:
Check out: 8 Best Small Student Loans
Scholarships for community college students
There are also several scholarships available that could help you pay for a community college program, such as:
- Horatio Alger Association of Distinguished Americans, Inc. Career and Technical Education (CTE) Scholarships: These awards are specifically geared toward students who plan to earn a CTE degree or certificate at a nonprofit community college or technical school.
- Hispanic Scholarship Fund Scholar Program: If you plan to transfer from a community college to a four-year school and are of Hispanic heritage, you might qualify for this award.
- Sallie Mae Fund’s Bridging the Dream Scholarship Program: This award is available to high school seniors with financial need who plan to attend college or a vocational-technical school.
Check Out: Student Loan Limits: How Much in Student Loans You Can Get
Community college programs tend to be significantly cheaper than four-year schools. The average cost of community college was $19,860 for the 2023-2024 school year, according to the College Board.
In comparison, here’s how the average cost of college at a traditional four-year school in 2023-24 breaks down:
- Public in-state student: $28,840
- Public out-of-state student: $46,730
- Private nonprofit school: $60,420
Keep in mind:
If you plan to pursue a bachelor’s degree, consider using the “2+2” strategy — where you attend community college for two years and then transfer to a four-year school. This approach could cut your education expenses in half.
Meet the expert:
Emily Guy Birken
Emily Guy Birken is an authority on student loans and personal finance. Her work has been featured by Forbes, USA TODAY, Fox Business, MSN Money, and MarketWatch.
