If you are in college part-time or only taking a few classes, there are best options available to help cover the costs through student loans. Part-time college students may face challenges securing student loans if they choose less than half-time enrollment.
Moreover, many private lenders mandate half-time or full-time for eligibility. Federal direct loan applicants must also apply at least half-time enrollment criteria. Furthermore, part-time students attending at least half time must begin by exploring federal student loan options. However, if enrolled less than half time, limited private lending alternatives are available.
Best Part-Time Student Loans
After evaluating most private student loan providers, we provide factors such as enrollment requirements, repayment terms, and additional benefits. These factors are to identify the best options for part-time student loans.
College Ave
College Ave stands out as the best option for part-time student loans due to its flexible terms and competitive rates. Borrowers have the flexibility to secure funds up to the total cost of attendance, with loan amounts starting from $1,000.
Loan terms range from 5 to 20 years. Furthermore, College Ave imposes no origination, application, or prepayment fees, providing borrowers with cost-effective solutions. Additionally, borrowers obtain extensive flexibility, allowing them to select a loan term and choose either fixed or variable rates. Lastly, you can get a 0.25% rate discount if you enroll for auto-pay.
Ascent
Ascent provides six repayment terms compared to the range among the lenders surveyed, making it the best part-time student loan for personalized repayment options. Furthermore, Ascent provides significant loan amounts, with undergraduate loans extending up to $200,000 and graduate loans up to $400,000.
In addition, loan terms range from 5 to 15 years. Ascent does not charge any origination, application, or prepayment fees. Moreover, individuals approved for a non-cosigned outcomes-based loan can benefit from a 1% autopay discount, although all credit-based loans are eligible for a 0.25% autopay discount. Enrolling in auto-pay may qualify for Ascent’s 1% Cash Back Reward program upon graduation.
Earnest
Earnest presents the best option for half-time student loans, offering highly competitive terms that can meet individual financial needs. However, eligibility requires enrollment in at least half-time studies. Borrowers can access loan amounts starting from a minimum of $1,000 up to the maximum allowed by the state. Loan terms range from 5 to 15 years, providing flexibility in repayment.
Additionally, it imposes no origination or prepayment fees, contributing to cost-effectiveness for borrowers. Moreover, borrowers can qualify for a 0.25% interest rate discount by enrolling in auto-pay, further enhancing affordability. Furthermore, Earnest provides a 100% rate match guarantee, assuring borrowers that their rates will match those offered by other lenders.
Sallie Mae
Sallie Mae separates itself by providing the best interest rates and flexible repayment terms to part-time students. Furthermore, this includes those enrolled less than half-time, as well as students studying abroad or online. In addition, the loan amounts range from a minimum of $1,000 associated with loan terms spanning from 10 to 15 years.
Moreover, Sallie Mae student loans have no origination, application, or prepayment fees, contributing to cost-effectiveness for borrowers. Additionally, borrowers can benefit from a 0.25% autopay rate discount and begin paying back their loans while still in school.
Education Loan Finance
Education Loan Finance (ELFI) provides student loans exclusively to borrowers enrolled at least half-time. Students that are qualified can secure a loan as low as $1,000 and can select from four distinct repayment term options. Typically, this repayment term includes options such as interest-only payments or a fixed $25 monthly payment while enrolled in school.
ELFI offers competitive rates, albeit borrowers with excellent credit profiles are typically eligible for the lowest Annual Percentage Rates (APRs). For those with poor credit, the option exists to include a well-qualified co-signer on the loan application, increasing the chance of securing the best terms.
Citizens
Citizens extend part-time student loans ranging from $10,000 to $50,000, varying based on the degree pursued and the specific loan type. Additionally, eligible borrowers may qualify for a 0.25% loyalty rate discount if they already maintain an account with Citizens.
Furthermore, an extra 0.25% rate reduction is available for borrowers who enroll in auto-pay, offering potential savings on the interest rate. Lastly, Citizens provides multiyear approval loans as the best streamlined borrowing process by covering each academic year of college with a single application and hard inquiry.
Custom Choice
The Custom Choice Loan is accessible with annual loan amounts ranging from $1,000 to $99,999, with an aggregate limit of $180,000. Borrowers can choose either a three- or five-year term to suit their repayment preferences.
Additionally, funds can be utilized to settle past due balances, providing additional financial flexibility. This loan option is particularly the best for part-time students enrolled on a half-time basis. Furthermore, upon graduation with at least a bachelor’s degree, borrowers may qualify for a 2% principal reduction on their loan.
RSLA
The Rhode Island Student Loan Authority, a nonprofit quasi-state authority, offers college part-time student loans to students nationwide. Their loans are accessible to students from all regions of the United States. Additionally, borrowers can choose a repayment plan that aligns with their financial circumstances, ranging from 5 to 15 years. Also, loan amounts are available from $1,500 to $45,000 annually, with a cumulative limit of $150,000 per borrower, providing various educational expenses.
SoFi
While SoFi is recognized primarily for its student loan refinancing services, it also extends loans to various educational demographics, including part-time students. Their student loan product includes significant attributes, complemented by several advantageous features.
Additionally, borrowers benefit from the absence of late fees, along with an interest rate reduction of 0.125% if their co-signer utilizes another SoFi product. Regarding loan terms, borrowers can select from options ranging from 5 to 15 years, while loan amounts are available from $1,000 up to the maximum.
EdvestinU
Generally, having a strong credit history or having a cosigner with such credit standing is necessary to be eligible for a student loan from EdvestinU. However, if you are studying at least half-time and fulfill the other needs, you could secure loan amounts from $1,000 up to its maximum. Additionally, you may qualify for a 0.25% interest rate reduction if you enroll in auto-pay.
Conclusion
If you are searching for the best part-time student loan, it’s crucial to compare various lenders and observe the criteria while exploring. However, upon finding some reputable lenders, compare rates and terms to get the best deal.
