Private Student Loans for Part-Time Students

If you are going to college part-time, you have probably already noticed that financing your education is harder than it is for full-time students. Most financial aid programs -- federal and private -- were built with full-time students in mind. That does not mean you are out of options. But it does mean you need to know where to look, what lenders actually require, and how to avoid borrowing more than you need. This article breaks down how enrollment status affects your private loan eligibility, which lenders will work with part-time students, and smart strategies to keep your total debt low.

Why Enrollment Status Matters So Much

Your enrollment status is one of the first things any lender checks. Colleges define enrollment in credit-hour brackets:

Full-time: 12 or more credit hours per semester (for undergraduates)
Half-time: 6 to 11 credit hours per semester
Less-than-half-time: Fewer than 6 credit hours per semester

These thresholds come from the Federal Student Aid Handbook, and your school's financial aid office certifies your status each term. The number of credits you take affects everything from your federal aid eligibility to whether a private lender will approve your application.

According to the National Center for Education Statistics, about 37% of all undergraduate students attend part-time. That is more than one in three students. Yet the lending market has been slow to catch up.

How Federal Aid Works for Part-Time Students

Before you look at private loans, you should know what federal aid is available to you. Federal student aid does not require full-time enrollment, but the amount you receive changes based on your status.

Pell Grants

The Federal Pell Grant adjusts based on enrollment. For the 2025-26 award year, the maximum Pell Grant is $7,395. Here is how enrollment affects your award:

Full-time (12+ credits): Up to 100% of your Pell Grant
Three-quarter time (9-11 credits): Up to 75%
Half-time (6-8 credits): Up to 50%
Less-than-half-time (fewer than 6 credits): A small amount, often 25% or less, depending on your school

So if you qualify for the full $7,395 but enroll half-time, you would receive about $3,698.

Federal Direct Loans

You must be enrolled at least half-time to receive Federal Direct Subsidized or Unsubsidized Loans. If you drop below six credits, you lose access to these loans. This is the single biggest financial aid challenge for less-than-half-time students: federal loans are off the table entirely.

Federal Work-Study

Federal Work-Study is available to some part-time students, but your school decides how to allocate these funds. Availability varies widely.

The bottom line on federal aid: if you enroll at least half-time, you keep most of your federal options open. If you drop below half-time, your federal borrowing options shrink to almost nothing, and that is where private loans become more important.

Private Lender Enrollment Requirements: Who Will Fund Part-Time Students?

Rankings

Compare private student loan options

Compare College Ave, Earnest, and Sallie Mae — with Sallie's rate matched to this program where available.

Rank #1Editor's Pick
Undergrad
College Ave
Best for: Students who want flexible repayment options and no origination fees
- 0.25% rate reduction with auto-pay
- Four in-school repayment options
- No application, origination, or prepayment fees
- Borrow from $1,000 up to 100% of cost of attendance
Rates
Lowest Rate 2.19%
2.19% - 17.99% fixed APR, 3.89% - 17.99% variable APR
Apply Now
Disclosures+
College Ave's student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or BTG Pactual Bank, N.A., member FDIC. All loans are subject to individual approval and adherence to underwriting guidelines. Program restrictions, other terms, and conditions apply. (1) All rates include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. Variable rates may increase after consummation. (2) As certified by your school and less any other financial aid you might receive. Minimum $1,000. (3) This informational repayment example uses typical loan terms for a freshman borrower who selects the Deferred Repayment Option with a 10-year repayment term, has a $10,000 loan that is disbursed in one disbursement and a 8.35% fixed Annual Percentage Rate (APR): 120 monthly payments of $179.18 while in the repayment period, for a total amount of payments of $21,501.54. Loans will never have a full principal and interest monthly payment of less than $50. Your actual rates and repayment terms may vary. Information advertised valid as of 7/20/2026. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s), lowest advertised rates only available to the most creditworthy applicants and require selection of the Flat Repayment Option with the shortest available loan term.
Rank #2
Undergrad
Sallie Mae
Best for: Undergraduate and graduate students, and parents, comparing competitive fixed- and variable-rate private student loans
- Competitive variable and fixed rates
- Multiple repayment options
- Cosigner release available
- No origination fees
Rates
Lowest Rate 2.39%
2.39% - 17.49% fixed APR, 3.75% - 16.95% variable APR
Apply Now
Disclosures+
Undergraduate School Loan/Smart Option Student Loan: Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common fixed rate, Fixed Repayment Option, two disbursements, a 4-year in-school period, and a 6-month grace: For a borrower with the shortest loan term, it works out to 16.16% fixed APR, 51 payments of $25.00, 119 payments of $296.32 and one payment of $41.82, for a total loan cost of $36,578.90. For a borrower with the longest loan term, it works out to 16.38% fixed APR, 51 payments of $25.00, 177 payments of $265.54 and one payment of $173.00, for a total loan cost of $48,448.58. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not. Information advertised valid as of 07/02/2026. Rates: Advertised APRs for undergraduate students assume a $10,000 loan with a 4-year in-school period, a 6-month grace, and the longest loan term offered. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan's Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. Cosigner Release: Only the borrower may apply for cosigner release. To do so, they must first meet the age of majority in their state and provide proof of graduation (or completion of certification program), income, and U.S. citizenship or permanent residency (if their status has changed since they applied). In the last 12 months, the borrower can't have been past due on any loans serviced by Sallie Mae for 30 or more days or enrolled in any hardship forbearances or modified repayment programs. In addition, the borrower must have paid ahead or made 12 on-time principal and interest payments on each loan requested for release. The loan can't be past due when the cosigner release application is processed. The borrower must also demonstrate the ability to assume full responsibility of the loan(s) individually and pass a credit review when the cosigner release application is processed that demonstrates a satisfactory credit history including but not limited to no: bankruptcy, foreclosure, student loan(s) in default or 90-day delinquencies in the last 24 months. Requirements are subject to change.
Rank #3
Undergrad
Earnest
Best for: Borrowers who want a zero-fee¹ lender with flexible repayment options² across undergrad, grad, and professional school programs
- 0.25% Auto Pay³ discount plus 0.25% Loyalty⁴ discount for eligible returning borrowers
- No origination fees, late fees, or prepayment penalties¹
- Borrow $1,000⁵ to $400,000 with 5, 7, 10, 12, or 15-year terms⁶
- Four repayment options², a 9-month grace period⁷, and cosigner release for eligible borrowers⁸
Rates
Lowest Rate 2.29%
2.29% - 16.24% fixed APR, 4.74% - 16.60% variable APR
Check Eligibility
Disclosures+
Earnest Private Student Loans are subject to credit approval. ¹Earnest does not charge fees for origination, late payments, returned check, or prepayments. Florida Stamp Tax: For Florida residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1. ²Repayment terms and repayment options available vary based on loan type. ³You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. It is important to note that the 0.25% Auto Pay discount is not available when loan payments are deferred during the interim period as a result of selecting the deferred repayment option. ⁴To be eligible for the Loyalty Discount, applicants must have previously obtained an Earnest Private Student Loan and apply using the same email address associated with that loan. Only one Loyalty Discount may be applied per eligible Earnest Private Student Loan. Not all applicants may qualify. This offer cannot be combined with Earnest’s Rate Match program. Earnest may modify or discontinue this offer at any time and without notice, however, once a Loyalty Discount is earned, it will not be taken away. ⁵Residents of Hawaii must request a loan of at least $1,501. ⁶Available interest rates are subject to change. Interest rates as of 03/19/2026. Earnest’s Loan Cost Examples: 1.) These examples provide estimates based on principal and interest payments beginning immediately upon loan disbursement. Variable annual percentage rate ("APR"): A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $27,511.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $27,054.10. 2.) These examples provide estimates based on interest-only payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $35,515.14. For a variable loan, after your starting rate is set, your rate will then vary with the market. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $140.42 for 57 months. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $34,886.94. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $137.42 for 57 months. 3.) These examples provide estimates based on fixed $25 payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $253.39) and a 16.85% interest rate without Auto Pay (14.92% APR) would result in a total estimated payment amount of $47,035.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $246.61) and a 16.49% interest rate without Auto Pay (14.65% APR) would result in a total estimated payment amount of $45,814.80. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $25.00. 4.) These examples provide estimates based on deferred payments. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $275.17) and a 16.85% interest rate without Auto Pay (14.67% APR) would result in a total estimated payment amount of $49,530.60. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $268.03) and a 16.49% interest rate without Auto Pay (14.39% APR) would result in a total estimated payment amount of $48,245.40. Your actual repayment terms may vary. Other repayment options are available. It is important to note that the 0.25% Auto Pay discount is not available when the deferred repayment option has been selected and the loan is in the interim period. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $0. ⁷Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school. ⁸To qualify for automatic cosigner release, the outstanding principal balance of your loan must be paid down to 50% or less of the original principal balance. The primary borrower must have made 36 months of required payments after the end of the Interim Period. The primary borrower must meet our eligibility and minimum credit requirements. Additional terms and conditions may apply. To request cosigner release, the primary borrower must have made 12 consecutive, monthly on-time principal and interest payments (or an amount equal thereto) immediately preceding the cosigner release application. The primary borrower must satisfy certain eligibility and credit criteria at the time of application. Additional terms and conditions may apply. ⁹Includes 0.50% combined Auto Pay and Loyalty discounts. Actual rate and available repayment terms will vary based on your financial profile. Fixed annual percentage rates (APR) range from 2.79% to 16.74% (2.29% - 16.24% with Auto Pay and Loyalty discounts). Variable annual percentage rates (APR) range from 5.24% to 17.1% (4.74% - 16.6% with Auto Pay and Loyalty discounts). Earnest variable interest rate student loans are based on a publicly available index, the 30-day Average Secured Overnight Financing Rate (SOFR) published by the Federal Reserve Bank of New York. The variable rate is based on the rate published on the 25th day, or the next business day, of the preceding calendar month, rounded to the nearest hundredth of a percent plus a margin and will change on the 1st of each month. The rate will not increase more than once a month, but there is no limit on the amount that the rate could increase at one time. Our lowest rates are only available for our most credit qualified existing cosigned loan borrowers who receive the 0.25% Loyalty discount and requires selection of our shortest term offered, full principal and interest payment while in school, and enrollment in our 0.25% Auto Pay discount. Enrolling in Auto Pay is not required as a condition for approval. Interest rates are subject to change. Earnest Private Student Loans are made by FinWise Bank, Member FDIC. FinWise Bank, 756 East Winchester, Suite 100, Murray, UT 84107. Earnest student loans are serviced by Earnest Operations LLC, 300 Frank H. Ogawa Plaza, Suite 340, Oakland, CA 94612. NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770). FinWise Bank and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America. © 2026 Earnest LLC. All rights reserved.

Private lenders set their own rules about enrollment status. Some require full-time enrollment. Others accept half-time. A handful will lend to students enrolled less than half-time. Here is what the major lenders require as of 2025-26.

Lenders Requiring at Least Half-Time Enrollment

Most major private lenders require you to be enrolled at least half-time (six or more credits):

Sallie Mae: Requires at least half-time enrollment. Sallie Mae is one of the largest private student loan providers and offers loans for undergraduate, graduate, and career training programs. More details are available at salliemae.com.
College Ave: Requires at least half-time enrollment for most loan products. See collegeavestudentloans.com.
Discover Student Loans: Requires at least half-time enrollment at an eligible school. Details at discover.com/student-loans.
Citizens Bank: Requires at least half-time enrollment. More at citizensbank.com.

Lenders That May Accept Less-Than-Half-Time Students

Fewer lenders serve students taking fewer than six credits. Options include:

Earnest: Earnest has more flexible enrollment requirements than many competitors and evaluates applications on a case-by-case basis. Check their current policy at earnest.com/student-loans.
Ascent: Ascent offers loans for students enrolled at least half-time but also has non-cosigned options for upperclassmen that may apply in certain part-time scenarios. Visit ascentfunding.com.
Credit unions and community banks: Some local credit unions and community banks offer student loans with more flexible enrollment requirements. The National Credit Union Administration can help you locate credit unions in your area.

What "Certification" Means for Your Loan

No matter which lender you choose, your school's financial aid office must certify the loan. This means the school confirms:

You are enrolled (and at what level)
Your cost of attendance for the period
How much other aid you are already receiving

The lender cannot send funds until the school signs off. This is called the school certification process, and it is required by federal regulation for all private education loans under the Truth in Lending Act.

The Cost-of-Attendance Certification Process for Part-Time Students

Your cost of attendance (COA) is the total estimated cost of going to school for an academic year. It includes tuition, fees, books, supplies, room, board, transportation, and personal expenses. Schools publish a standard COA for full-time students, but your COA will be adjusted if you attend part-time.

How Schools Calculate Part-Time COA

Your school's financial aid office recalculates COA based on the number of credits you take. For example:

Tuition and fees: Typically charged per credit hour for part-time students. If full-time tuition at a public four-year school averages about $11,610 per year (per the College Board's 2025 Trends in College Pricing), a student taking six credits instead of twelve would pay roughly half that in tuition.
Living expenses: These may or may not be adjusted. If you live on campus, your room and board cost stays the same. If you commute, the school uses a commuter budget estimate.
Books and supplies: Adjusted proportionally to the number of courses.

Why This Matters for Your Loan Amount

Private lenders cannot approve a loan for more than your COA minus other financial aid. If your school certifies a lower COA because you are part-time, the maximum you can borrow goes down too. This is actually a good thing -- it is a built-in safeguard against over-borrowing. But it can be frustrating if your real expenses feel higher than what the school estimates.

If you believe your school's COA estimate is too low, you can file a professional judgment appeal with your financial aid office. According to NASFAA, schools have the authority to adjust individual COA budgets when students can document unusual circumstances, like higher childcare or transportation costs.

Challenges Part-Time Students Face With Private Loans

Part-time students run into several common challenges when borrowing privately:

Higher Interest Rates

Private loan interest rates depend on your credit score, income, and sometimes your school and program. Part-time students may face higher rates because lenders see longer time-to-degree as higher risk. According to the Consumer Financial Protection Bureau, private student loan rates in 2025 range from about 4% to 17% depending on creditworthiness and whether the rate is fixed or variable.

Cosigner Requirements

Most private lenders require a cosigner for undergraduate borrowers, and this is even more common for part-time students who may have lower incomes. A cosigner with strong credit can help you get a lower interest rate. But remember: your cosigner is equally responsible for the debt if you cannot pay.

Smaller Loan Amounts

Because your certified COA is lower, you cannot borrow as much. If you are trying to cover living expenses on top of tuition, this can create a gap.

Fewer Repayment Protections

Private loans do not offer income-driven repayment plans, Public Service Loan Forgiveness, or the same deferment and forbearance options that federal student loans provide. If you hit a rough patch financially, your options with a private lender are more limited.

Strategies to Fund Your Education Without Over-Borrowing

The best approach for part-time students is to borrow as little as possible. Here are practical ways to keep your debt in check.

1. Max Out Free Money First

Before you borrow anything, apply for every grant and scholarship you can find.

Fill out the FAFSA every year, even if you think you will not qualify. Many state and institutional grants use the FAFSA.
Search for scholarships on sites like Fastweb and Scholarships.com.
Ask your school's financial aid office about institutional grants for part-time students. Some schools set aside funds specifically for this group.

2. Use Employer Tuition Assistance

If you work, check whether your employer offers tuition reimbursement. According to Sallie Mae's "How America Pays for College" report, about 8% of college funding comes from employer contributions. Under current tax law, employers can provide up to $5,250 per year in tax-free tuition assistance.

3. Consider Enrolling at Least Half-Time

If you are currently taking fewer than six credits, consider bumping up to six. That one change opens up federal Direct Loans (with their lower fixed interest rates and income-driven repayment options), more private lender options, and larger Pell Grant amounts. Even one extra class can make a significant financial difference.

4. Compare Multiple Private Lenders

Do not accept the first loan offer you receive. Interest rates, fees, and repayment terms vary widely among private lenders. Use comparison tools and check at least three to five lenders. Pay close attention to:

Fixed vs. variable interest rates
Whether the lender charges origination fees
Repayment options while you are still in school (full payments, interest-only, or deferred)
Cosigner release policies (some lenders let you remove a cosigner after 24-48 on-time payments)

5. Borrow Only What You Need

It is tempting to borrow the maximum amount a lender offers, but every dollar you borrow costs more over time. A good rule of thumb from financial aid experts: your total student loan debt at graduation should not exceed your expected first-year salary. The Education Data Initiative reports that the average student loan borrower owes about $37,850 at graduation. Part-time students who take longer to finish can accumulate even more if they are not careful.

6. Pay Interest While in School

If you can afford it, making interest payments while you are still enrolled prevents your loan balance from growing. Many private lenders offer a small interest rate discount (often 0.25%) if you make payments while in school.

Frequently Asked Questions

Can I get a private student loan if I am taking just one class?

It depends on the lender. Most major private lenders require at least half-time enrollment (six credits). If you are taking fewer credits, look into credit unions or smaller lenders with flexible policies. Your school must still certify the loan.

Do private lenders check my enrollment every semester?

Yes. Your school certifies your enrollment status each time funds are disbursed. If you drop below the required enrollment level mid-semester, the lender may cancel remaining disbursements.

What happens to my private loan if I switch from full-time to part-time?

If you already received the funds for that semester, you generally keep them. But your school may need to recertify your loan for future semesters based on your new enrollment status, and your borrowing limit could decrease.

Is it better to take federal loans or private loans as a part-time student?

Federal loans first, almost always. They offer lower fixed interest rates, income-driven repayment plans, and forgiveness programs. Only use private loans to fill the gap after you have used all available federal aid, grants, and scholarships.

The Bottom Line

Being a part-time student does not lock you out of funding your education, but it does mean you need to be more deliberate about how you borrow. Start by filing the FAFSA. Enroll at least half-time if you can, since that single threshold opens up federal loans and more private lender options. Compare multiple private lenders before you sign anything. And always borrow the minimum you need, not the maximum you qualify for.

Your financial situation is unique, and the right plan depends on your school, your schedule, and your goals. If you want help building a personalized funding plan that accounts for your enrollment level, try the free tool at collegelens.ai/plan/school. It can show you how different enrollment and borrowing choices affect your total cost.

Sravani at CollegeLens