BEST OF
7 Part-Time Student Loan Options for 2021
Students with less than half time enrollment have fewer options for student loans. And federal loans aren't on the list.
College students who go to school part time may have difficulty finding student loans if they take less than half time schedule. Most private lenders require that borrowers attend at least half time or full time to qualify. Federal direct loan borrowers must be enrolled at least half time.
Part-time students enrolled at least half time should start by taking out federal student loans before considering a loan from private lenders. If you’re enrolled less than half time, there are a few private lending options to choose from. You’ll find these below, plus other borrowing information part-time students should know.
College students who go to school part time may have difficulty finding student loans if they take less than half time schedule. Most private lenders require that borrowers attend at least half time or full time to qualify. Federal direct loan borrowers must be enrolled at least half time.
Part-time students enrolled at least half time should start by taking out federal student loans before considering a loan from private lenders. If you’re enrolled less than half time, there are a few private lending options to choose from. You’ll find these below, plus other borrowing information part-time students should know.
Summary of Part-Time Student Loan Options for 2021
Lender | NerdWallet Rating | Fixed APR | Variable APR | Min. Credit Score | Learn More |
---|---|---|---|---|---|
Best for Students who want flexibility with repayment | 4.25 - 12.59% | 1.13 - 11.23% | Does not disclose | Check Rate on Sallie Mae's website | |
Best for Students attending A.M. Money affiliate schools | 7.08 - 8.85% | N/A | None | Read review | |
Best for Students who intend to pursue medical careers | 3.64 - 5.46% | N/A | 680 | Read review | |
Best for Students in non-degree-granting programs | 3.75 - 6.99% | N/A | Does not disclose | Read review | |
Best for Making payments while still in school | 3.34 - 12.99% | 1.04 - 11.98% | Mid-600s | Check Rate on College Ave's website | |
Best for Using a co-signer | 3.99 - 10.99% | 4.13 - 9.64% | 660 | Check Rate on CommonBond's website | |
Best for International students | 7.52 - 14.98% | N/A | N/A | Read review |

on Sallie Mae's website
Sallie Mae Private Student Loan

Fixed APR
Variable APR
Min. Credit Score
on Sallie Mae's website
A.M. Money Private Student Loan

Fixed APR
Variable APR
Min. Credit Score
RISLA Private Student Loan

Fixed APR
Variable APR
Min. Credit Score
Advantage Education Private Student Loan

Fixed APR
Variable APR
Min. Credit Score
on College Ave's website
College Ave Private Student Loan
Fixed APR
Variable APR
Min. Credit Score
on College Ave's website
on CommonBond's website
CommonBond Private Student Loan
Fixed APR
Variable APR
Min. Credit Score
on CommonBond's website
MPOWER Private Student Loan

Fixed APR
Variable APR
Min. Credit Score
A caveat for part-time students
Each school determines its own full-time or part-time status. Typically, full-time status means you’re enrolled in at least 12 credit hours per semester. Half-time status means enrolling in six credit hours per semester. Taking fewer than six credit hours would be considered less than half time.
One big challenge part-time students face is that they may need to make payments while still in school. It will depend on your enrollment status and your lender.
Federal student loans: Repayment will begin if you fall below half-time status.
Private student loans: Check with your lender. Many will require repayment to begin if you fall below half-time status, but a few will allow you to defer payments even if you take just one class per semester.
If you have existing student loans you took out as a full-time or half-time student and transition to less than half-time enrollment, you may need to begin repaying those loans while you’re in school. Check with your lender or servicer.
How to shop for part-time student loans
Build credit or find a co-signer before you apply for a private student loan. While undergrads generally don’t have the credit history required to get a loan without a co-signer, students over the age of 21 might. You’ll have the best shot at a private loan with competitive interest rates if your credit score is 690 or above. Strengthen it before applying for a loan by fixing errors on your credit report, paying all bills on time and using as little of your credit limit as possible. Otherwise, you’ll need to find a co-signer who can qualify to take out the loan with you.
Compare private lending options. Attending college less than half time will limit your private student loan options, but there are a few lenders who offer loans for less than half-time enrollment. Compare private loan offers to get the lowest interest rate you qualify for. Note whether the lender will postpone payments in case you have difficulty affording them, and for how long. Find out if there are origination, prepayment or late fees, and how easily you can reach the lender by phone, email or live chat if you encounter a billing or customer service issue.
Opt for a fixed interest rate. Given the choice, a fixed interest rate is a safer bet than a variable interest rate. It won’t increase over time.
Keep an eye on the bottom line. Use a student loan calculator to see what kind of payment you’ll face after borrowing for multiple years.
Last updated on February 5, 2021
To recap our selections...
NerdWallet's Part-Time Student Loan Options for 2021
- Sallie Mae Private Student Loan: Best for Students who want flexibility with repayment
- A.M. Money Private Student Loan: Best for Students attending A.M. Money affiliate schools
- RISLA Private Student Loan: Best for Students who intend to pursue medical careers
- Advantage Education Private Student Loan: Best for Students in non-degree-granting programs
- College Ave Private Student Loan: Best for Making payments while still in school
- CommonBond Private Student Loan: Best for Using a co-signer
- MPOWER Private Student Loan: Best for International students