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How to Get a Student Loan
Student borrowers can get federal student loans and private student loans, but start with federal ones.
Anna Helhoski is a senior writer covering economic news and trends in consumer finance at NerdWallet. She is also an authority on student loans. She joined NerdWallet in 2014. Her work has appeared in The Associated Press, The New York Times, The Washington Post and USA Today. She previously covered local news in the New York metro area for the Daily Voice and New York state politics for The Legislative Gazette. She holds a bachelor's degree in journalism from Purchase College, State University of New York.
Des Toups Lead Assigning Editor | Student loans, repaying college debt, paying for college
Des Toups was a lead assigning editor who supported the student loans and auto loans teams. He had decades of experience in personal finance journalism, exploring everything from car insurance to bankruptcy to couponing to side hustles.
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If you're an undergraduate, always start with federal loans. They don't require a credit history or a co-signer and they offer more generous protections for borrowers, such as income-driven repayment and loan forgiveness, than private student loans do.
Before you borrow, think ahead to how you’ll repay debt. Put a dollar figure on it by using a student loan payment calculator. This is the bill you’ll be paying every month for 10 years or longer. Borrow only what you need, and don’t take on an amount or an interest rate you can’t expect to handle right after graduation.
Here's how you can get federal and private student loans.
How to get a federal student loan
Start by submitting the FAFSA
Submit a Free Application for Federal Student Aid, or FAFSA, to find out how much financial aid you may qualify for, such as grants, scholarships and work-study, that won’t have to be repaid. It takes about 30 minutes to complete. Each school you apply to will use the FAFSA to determine your financial aid; the gap between aid and cost of attendance is what you have to cover.
The FAFSA serves as your application for federal student loans as well. You’ll be notified of what you can borrow in the financial aid award letter from any school that accepts you. There are two types of federal loans: subsidized and unsubsidized.
Subsidized federal loans go to undergraduate students with a financial need. The subsidy covers the interest on the loan while you’re in school. Unsubsidized federal loans aren’t based on need, and interest starts to accrue immediately.
Consider private student loans to cover any remaining costs after grants, scholarships, work-study and federal loans. They're a viable option if you have good credit or a co-signer who does.
Where to get a private student loan
Banks, credit unions, state-based agencies and online lenders all offer student loans. Shop around with multiple lenders, weighing repayment flexibility and forbearance options as well as the interest rates offered.
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Most private lenders will require borrowers to have good credit and an income that can support loan payments while meeting other debts (in other words, a low debt-to-income ratio). If you don't meet those qualifications, you'll need a co-signer who can.
Private lenders don't technically list a co-signer as a requirement, but you'll have difficulty getting a private loan without one. About 87% of all new undergraduate private student loans had a co-signer for the 2020-21 academic year, according to a 2021 report by MeasureOne.
If you don't have a co-signer, a few private lenders gear loans toward independent students, but you’ll pay more.
Parents looking for loans to pay for their child’s education have federal and private loan options available. Each option will require a credit check. There are three primary options to consider:
• Direct PLUS loans:Direct PLUS loans are the only federal student loan that parents can take. You’ll need to submit a FAFSA with your child and complete a parent direct PLUS loan application to borrow.
• Co-signed private student loan: Co-signing a loan with your child will make you equal borrowers. It’s best if you have good credit, a steady income and are willing to take on the responsibility of paying the debt if your child can’t.
• Private college loans for parents: Certain private lenders may offer private college loans for parents to borrow rather than co-signing on a student loan. The debt is your sole responsibility.
Graduate students loans include two federal loan options, along with private loans.
• Federal direct unsubsidized loans. Graduate students can borrow up to $20,500 each year. To apply, submit the FAFSA. There is no credit check involved.
• Federal direct PLUS loans. Graduate students can borrow up to the cost of attendance minus any other financial aid. Your credit is considered. To apply, submit the FAFSA and complete a graduate student direct PLUS loan application.
• Private student loans. Apply directly with a bank, credit union or online lender. Your credit history affects the interest rate and repayment terms. Some private lenders may have specific loans for graduate students depending on field of study. You typically can borrow up to the cost of attendance minus any other financial aid.
