Credible takeaways
- You can take out student loans for just one semester, but federal aid requires a completed FAFSA before the deadline.
- Private student loans are available year-round, but you should apply at least two months before tuition is due.
- The amount you can borrow depends on your school's cost of attendance, your enrollment status, and how much aid you've already received.
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 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.
Mark Your Calendar!
The FAFSA deadline for the 2025 spring semester is June 30, 2025.
“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.
Sallie Mae: Best for Specialized Loans
Min. Credit Score
Does not disclose
Variable APR
4.54 - 14.71%
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.
College Ave: Best for Extended Grace Periods
Min. Credit Score
Does not disclose
Variable APR
4.44 - 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
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.
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.
Ascent: Best for No-Cosigner Loans
Min. Credit Score
Does not disclose
Variable APR
5.01 - 14.67%
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 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 on 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.
SoFi: Best for Member Perks
Min. Credit Score
Does not disclose
Loan Amount
$1,000 to $100,000
Top customer service ratings
Valuable member benefits
No fees policy
No disclosed credit or income requirements
Shorter repayment terms than some lenders
Cosigner release requires 2 years of on-time payments
Overview
SoFi offers fixed- and variable-rate student loans to help undergraduate, graduate, and professional students and parents of students finance their education. These loans can cover up to the total cost of attendance, with a minimum loan of $1,000. Students must be enrolled at least half-time in a degree-seeking or graduate-certificate program at an eligible school and a U.S. citizen, permanent resident, or non-permanent resident alien.
SoFi has multiple repayment plans, allowing students to pick terms that best fit their financial situations, with cosigner release after 24 months of consecutive on time payments. Cosigners in Colorado, Connecticut, and Maine are eligible for release after 12 months. Borrowers can choose between fixed and variable rates, with the option to reduce rates by 0.25% when enrolling in automatic payments. They can also qualify for a 0.125% interest rate discount on subsequent loans with SoFi's Continuing Scholar Discount. Plus, a $250 cash bonus with a 3.0 GPA or higher for full-year loans or $100 cash back for single-semester loans.
Loan amounts
$1,000 minimum up to your school’s annual cost of attendance
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 be eligible with a cosigner.
Abe: Best for Payment Relief Options
Loan Amount
$1,000 to $99,999 annually $180,000 aggregate limit)
Offers 2% loan reduction after graduation
Doesn’t charge late fees
Can reduce interest rate by making on-time payments
Possible repayment term and grace period extension
Doesn’t offer parent loans
Relatively low borrowing limit of $99,999 per year
Overview
Abe's private student loans are available to undergraduates, graduate students, and students in certificate programs. The lender is unique in allowing you to borrow even if you're enrolled less than half-time.
Abe offers rate discounts and payment relief that other lenders don't, such as a reduction in your rate with autopay and for every six months of on-time payments, up to a total of 0.50 percentage points. Borrowers can also extend their grace period up to an additional six months. Plus, you can lengthen your repayment term by five years, which can be helpful if you need to lower your monthly payments or request a hardship forbearance for 12 months.
Minimum income
$1 (must have positive income)
Loan terms
5, 7, 10, 15, or 20 years
Loan amounts
$1,000 to $99,999 per year (lifetime limit of $225,000)
Cosigner release
After 12 months of on-time principal and interest payments
Eligibility
Must be a U.S. citizen or permanent resident. Available to non-U.S. citizen students (including DACA students) attending a school in the U.S. who apply with a cosigner who is a U.S. citizen or permanent resident alien. Loans not available to permanent residents of West Virginia.
ELFI: Best for flexible repayment
Variable APR
5.00 - 13.97%
Loan Amount
$1,000 up to cost of attendance
Receive support from a dedicated Student Loan Advisor
Transparent credit and income requirements
Doesn't require full-time enrollment
Flexible repayment terms
Must be enrolled in a bachelor’s degree program or higher
Cosigners can’t be released from the loan
No autopay rate discounts available
Overview
ELFI a division of Tennessee-based SouthEast Bank, offers private student loans and refinancing for undergraduates, graduates, and parents. Borrowers can take out loans starting at $1,000, with options up to the full cost of attendance at their school.
ELFI student loans are available to students nationwide who are enrolled in a bachelor's degree program or higher. Borrowers can choose from multiple repayment terms and benefit from competitive interest rates and support from a dedicated Student Loan Advisor. However, ELFI doesn't offer cosigner release or rate discounts, which may limit flexibility for some borrowers.
Loan amounts
$1,000 - Cost of attendance
Cosigner release
A cosigner may not be taken off a loan, but the borrower can apply for a new loan without their cosigner.
Eligibility
All 50 states as well as Washington DC and Puerto Rico.
Custom Choice: Best for Discounts and Rewards
Min. Credit Score
Does not disclose
Variable APR
4.44 - 14.08%
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.
MEFA: 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.
INvested: Best for Indiana Students
Variable APR
7.15 - 11.20%
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.
Citizens: Best for Multiyear Approval
Variable APR
4.97 - 15.59%
Loan Amount
$1,000 to $400,000 (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.
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.
“I recommend that you not only check with your school's financial aid office, but also contact your lender to confirm the disbursement dates for your student loans. The funds might arrive after some of your bills are due. Preparing for such a delay is important, especially if you plan to use some of the money to cover rent or other living expenses.”
— Richard Richtmyer, Senior Student Loans Editor, Credible
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.
Check Out: Student Loans for Trade School: What To Know
FAQ
Can I get a student loan for spring semester?
Open
Yes, you can borrow student loans for the spring semester. Federal loans require a completed FAFSA, while private loans are available year-round. If you missed the FAFSA deadline, private lenders can help cover your costs.
Does the FAFSA cover spring semester?
Open
The FAFSA applies to the entire academic year, including spring. To qualify for aid, submit your FAFSA before the annual deadline. Some schools have earlier cutoffs, so it's best to apply as soon as possible.
When should I apply for student loans for spring 2025?
Open
For federal loans, submit the FAFSA before June 30, 2025. For private loans, it's best to apply at least two months before tuition is due to allow time for processing and disbursement.
How much is a $30,000 student loan per month?
Open
Your monthly payment on a $30,000 student loan depends on your interest rate and term. With a 10-year term at 6% interest, you'd pay around $333 per month. A 20-year term at 6% interest would lower it to about $215 per month, but you'll owe more in interest over time.
Meet the expert:
Janet Berry-Johnson
Janet Berry-Johnson has spent over 12 years in accounting and over five years covering finance. Her work has been featured by The New York Times, Forbes, and Business Insider.
