Part-Time Student Loans

Students may want to further their education, but have too many commitments to attend school full time. Between family life, work, sports, and health reasons, not everyone can go to school full-time, so many universities offer part-time studies programs. It’s still expensive to attend university part-time and the average cost of college in the U.S. is $35,331 per year. You can get a part-time study student loan to offset some of the costs. You may not qualify for a grant or a federal student loan, so check out unsecured loans to see which best suits you. Our team of financial experts did the work for you. They reviewed and ranked more than 30 online lenders to help you get funded and on track to further your education.

Best Part-Time Student Loans for 2024 - Full Overview 

How to Choose the Best Part-Time Student Loan?

As is the case with any financial decision, choosing part-time student loans should be done carefully. You will want to do your research, and find out the total costs of the loans, repayment terms, rates, lender fees, loan criteria, and more. Our experts used the following parameters to rank the lenders with the best student loans for part-time students. 

Consider the following factors: 

• Loan Features: Know as much as possible about the student loans part-time status up front. Compare things like loan terms, loan amounts, and loan use limitations. You don’t want to waste time applying for a loan if you’re not comfortable with all of its features. 
• Interest rates and fees: Considers different types of fees including origination fees, application fes, and prepayment penalties. Know the minimum and maximum interest rates and what rate you will get based on the lender’s criteria and the type of loan. 
• Application process:When you apply for part-time student loan, know how invasive and time-consuming the application process is going to be. Find out what information you should have on hand, like your identification, social security number, G.P.A, etc. Also, find out if the application involves a hard-pull or soft-pull on your credit score. Consider funding times and types of disbursement. You want to make sure the funds are disbursed in time for you to start the semester. 
• Qualification process:  What do you need to do to qualify for part-time student loans? Is there a minimum credit score, income requirements, or a cosigner requirement? Do you need to be a U.S. citizen or permanent resident? You don’t want to waste time applying for a loan if you don’t meet the criteria. 
• Customer support: Consider accessibility to a live customer service rep, the degree of multi-channel support, and the availability of supplemental information and tools. Will you be able to get your student loan questions answered by email or over the phone? Do the customer service hours work for your busy schedule? 
• Online user reviews: Check out reviews on independent review sites like Trustpilot and see what borrowers have to say about the lender in general. Take note of both positive and negative comments and see if there are any recurring complaints or compliments. 
• Perks and Bonuses: Consider specified service offerings like payment flexibility, advertising transparency, and advanced technology. Does the lender offer an online resource center, discounts for auto pay or cash back for getting good grades? 

Best Part-Time Student Loans - Feature Comparison

Who Qualifies as a Part-Time Student?

Typically, to be considered as a full-time undergraduate student, you must be enrolled in at least twelve credit hours per semester. So, anything less than that would be considered a part-time student.

A half-time student is enrolled in half of the expected full-time courses, so that would be six or more credit hours. Keep in mind that different lenders, institutions, and financial aid providers may have varying definitions of what it means to be a part-time student. These criteria also can vary between undergraduate and graduate level programs.

What Are Your Part-Time Student Loan Options?

Part-time student loan options include:

Federal Part-Time Student Loans

Federal loans, also called financial aid, are backed by the U.S. Department of Education, a government agency, typically offers better rates and repayment terms than private loans. Some options for federal part-time student loans include the following:

• Direct Subsidized Loan: The U.S. Department of Education pays the interest for you while you’re in school and during your grace period after graduation on direct subsidized loans. You may also have loan deferment options available. Half-time student status is required in order to qualify for this type of loan.
• Direct Unsubsidized Loan: You’re responsible for paying the interest on a direct unsubsidized loan during all periods, including while you’re in school. These loans are available for undergraduate and graduate students. You don’t need to be considered needy to qualify for a direct unsubsidized loan.
• Direct PLUS Loan: These are federal loans that can be used to pay for college or career school. The U.S. Department of Education is your lender and you can’t have an adverse credit history to qualify. These loans can pay for education-related expenses not covered by other loans and can be given to students or their parents. If the loan is given to the parent, it’s referred to as a Parent PLUS loan.

Private Part-Time Student Loans

Private loans are provided by non-federal sources such as online lenders, banks, credit unions, and other financial institutions. Loan amounts vary by lender and also depend on the cost of attendance of the school.

Private student loans can typically be used for undergraduate or graduate school and may also include related costs such as housing, a laptop, and books. Generally, students need to be enrolled in half-time status and take six or more credits per semester to qualify. However, if you get an unsecured personal loan and use it for your education, there aren’t enrollment restrictions. 

How to Take Out Private Student Loans as a Part-Time Student

The process for taking out private part-time student loans is as follows:

• Get your finances in order: Know your credit score, dispute errors on your credit report, and pay off any collections accounts if possible. Also, pay down your credit card balances. All of these things will help increase your credit score. And, the better your credit score, the more likely you will be approved for a loan and will get a lower interest rate, which saves you money over the life of the loan. You will also need to show proof of income if you’re working and have tax returns and bank statements ready. 
• Find a Cosigner: If you’re coming straight out of high school, you may not have the credit or income needed in order to qualify for a private student loan. Ask a parent, guardian, other friend or family member if they will cosign for you. This is a good time to explain your plan on paying them back if that’s what they require.
• Check out ‘free money’: See if you qualify for any scholarships or grants that you don’t have to pay back. Your high G.P.A. or basketball skills may be able to earn you a partial scholarship to college. Also, inquire about work study programs and paid internships. These may not pay for your entire tuition, but they can lessen the loan amount you will need.
• Compare lenders: You won’t need to do this with federal funding, because you will fill out a financial aid package and see what you qualify for, but with private loans, you need to shop around because lenders set their own loan requirements. Check out repayment arrangements, grace periods, interest rates, and fees.
• Apply for the loan: Once you find a loan that you think you will qualify for, get your documents in order, and apply. This can usually be done online, over the phone, or at a branch of your credit union or bank. Expect rates to be higher with private loans than with federal loans, and eligibility requirements may vary as well.
• Get funded and start school: Find out how the loan will be disbursed. If it’s an unsecured personal loan, you will receive the money in your bank account and can then pay the school yourself. However, if it’s a private student loan, the funds may go straight to the school, and any leftovers may be used for books and school-related supplies. Loan amounts vary by loan program and by cost of attendance.

Conclusion

It’s a common misconception that financial aid and student loans are only available to full-time students. That’s not always the case, in fact many part-time student loans are available. Whatever stage you’re at in your life, furthering your education can help you, and student-loans for part time studies can help you get there. Check out our list of lenders, compare rates, terms, and repayment options, and choose the loan that best fits with your educational goals.