9 Best Student Loans for Community College of December 2024
Apply for free financial aid first, then use federal student loans before turning to private lenders if you need help paying for community college.
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While community college is typically less expensive than a four-year college, you may still need help covering all of the costs. Federal financial aid is available for community college. Prioritize federal aid because it includes money you don't have to pay back — like grants and work-study programs.
If you still have a budget gap after exhausting your free money options, explore federal student loans. They often come with lower interest rates and repayment programs that can help if you struggle to make payments down the road.
Private student loans should be a last resort — after federal aid, employer assistance if you're employed and even any savings you can muster up.
Not all private student loans are available for community college, but you still have a lot of options.
Here are lenders that can help you fill any gaps, as well as tips for affording community college and shopping for loans.
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
- 35+ student loans lenders reviewed and rated by our team of experts.
- 10+ years of combined experience covering higher education and student loans.
- Objective, comprehensive star-rating system assessing 43 categories and 40+ data points across student loan origination and student loan refinance.
- Governed by NerdWallet's strict guidelines for editorial integrity.
Best Student Loans for Community College
Lender | NerdWallet Rating | Min. credit score | Fixed APR | Variable APR | Learn more |
|---|---|---|---|---|---|
5.0 /5 | None | 6.53-8.08% | N/A | ||
 Sallie Mae Undergraduate Student Loan GO TO LENDER SITE on Sallie Mae's website COMPARE RATES on Credible’s website | 4.5 /5 | Mid-600's | 3.49-15.49% | 4.92-15.08% | GO TO LENDER SITE on Sallie Mae's website COMPARE RATES on Credible’s website |
4.0 /5 | Does not disclose | 6.69-13.89% | 8.44-11.54% |
Federal Subsidized/Unsubsidized Loan
None
6.53-8.08%
N/A
- More flexible repayment options for struggling borrowers than other lenders.
- Subsidized loans do not collect interest while in school or during deferment.
- Lower interest rates than many private lenders.
- You pay an origination fee.
- No credit check or minimum income is needed to borrow.
- Loan amounts for undergraduates: $5,500 year one, $6,500 year two, $7,500 year three and thereafter, up to a total of $31,000
- Independent students and graduate students have higher loan limits.
- Undergraduate interest rate fixed at 3.73%, while grad students get higher 5.28% rate
Our pick for
Private Student Loan
Sallie Mae Undergraduate Student Loan
Mid-600's
3.49-15.49%
4.92-15.08%
- One of the few lenders to provide loans to part-time students.
- Non-U.S. citizens, including DACA students, who live in the U.S. and attend school in the U.S. can apply with a qualified co-signer who is a U.S. citizen or permanent resident.
- You can't see if you’ll qualify and what rate you’ll get without a hard credit check.
- Typical credit score of approved borrowers or co-signers: Does not disclose.
- Minimum income: Did not disclose.
- Loan amounts: $1,000 up to 100% of the school-certified expenses.
PNC Private Student Loan
Does not disclose
6.69-13.89%
8.44-11.54%
- Interest rate discount for autopay is larger than most lenders offer.
- You can’t see if you’ll qualify and what rate you’ll get without a hard credit check.
- Typical credit score of approved borrowers: Did not disclose.
- Minimum income: Did not disclose.
- Loan amounts: $1,000 to $50,000.
College Ave Private Student Loan
Mid-600s
3.47-17.99%
4.99-17.99%
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- More flexible repayment options than other lenders.
- Six-month grace period extension is available.
- You must be at least halfway through your repayment term before you can request a co-signer release.
- Typical credit score of approved borrowers: Mid-700s.
- Minimum income: $35,000 per year.
- Loan amounts: $1,000 up to cost of attendance.
Ascent Credit-based Student Loan
Low-Mid 600s
3.69-14.41%
5.50-14.56%
- Among the best for payment flexibility.
- You can see if you’ll qualify and what rate you’ll get without a hard credit check.
- Stands out for features that enable faster loan repayment.
- Students enrolled less than half-time are not eligible.
- Co-signer release not available to international students.
- Typical credit score of approved borrowers: Did not disclose.
- Minimum income: $0 for primary borrower. $24,000 for current and previous year for co-signer.
- Loan amounts: $2,001 to $200,000 per year with an aggregate loan limit of $200,000.
Earnest Undergraduate Loan
650
3.47-16.49%
4.99-16.85%
- Option to skip one payment every 12 months.
- No late fees.
- Nine-month grace period is longer than most lenders offer.
- Loans aren't available in Nevada.
- Typical credit score of approved borrowers: 758.
- Minimum income: $35,000.
- Loan amounts: $1,000 up to your total cost of attendance.
ISL Private Student Loan
660
3.95-8.01%
6.54-11.08%
- Forbearance of 24 months is longer than many lenders offer.
- No late fees.
- Only offers 2 loan terms.
- Typical credit score of approved borrowers or co-signers: 670.
- Minimum income: No minimum income.
- Loan amounts: $1,001 or $2,001, based on residency and school location, up to cost of attendance minus other aid received.
Advantage Education Private Student Loan
Does not disclose
5.29-8.04%
N/A
- Forbearance of 24 months is twice as long as most lenders.
- Loans are available if you’re enrolled less than half time.
- Fewer repayment terms than other lenders offer.
- Borrowers are not able to defer loans if they return to school after their grace period ends.
- Typical credit score of approved borrowers: Does not disclose.
- Minimum income: Does not disclose.
- Loan amounts: Minimum $1,000. Maximum depends on creditworthiness and debt-to-income ratio.
Nelnet Bank Private Student Loan
Mid to High 600s
3.69-9.82%
5.83-10.16%
- Provides rate offer with soft credit check.
- Does not disclose full underwriting requirements.
- Does not allow bi-weekly payments via autopay.
- Typical credit score of approved borrowers: Did not disclose.
- Loan amounts: $1,000 with an aggregate loan limit of $125,000 (Undergrad).
Can you go to community college for free?
More and more states have passed laws making community college tuition-free for residents. Outside of community college, several schools and cities also offer programs that make public college more affordable.
Some of these programs still want you to take advantage of federal and state grants first, so be sure to fill out the Free Application for Federal Student Aid, or the FAFSA. The earlier you submit the FAFSA, the better. The redesigned form soft launched in December 2023 — a delay from the usual October 1 deadline.
And keep in mind that tuition isn't the only college expense. You may have to pay for living expenses like rent, food and transportation and other school expenses like a computer, books and additional fees.
How to shop for a community college student loan
Use grants first. Fill out the FAFSA as soon as possible when it opens, to get access to financial aid like the Pell Grant. These grants cover much of the cost of community college for students with low incomes and don't need to be repaid. The FAFSA will also give you access to state and school grants.
If you need loans, choose federal loans first. Federal loans usually offer lower interest rates than private loans and come with flexible repayment options — like income-based repayment plans that tie the payments to your income after you leave school. These federal benefits can help you avoid falling behind on payments. The FAFSA will qualify you for federal loans, but some community colleges do not participate in the federal loan program.
Build good credit, or add a co-signer, when applying for private loans. If you need to make up for a gap in financial aid, private loans should be your last stop. Students with good credit, generally a score of 690 or higher, will get the lowest interest rates. Students under age 21 often don’t have enough credit history to get a private loan in their own names. If that's the case, use a co-signer to qualify or to get a better rate. Alternatively, you can search for private loans you can get without a co-signer.
Make sure your school is eligible. Some lenders will make loans to students pursuing associate degrees at four-year schools only. When exploring your options, make sure your community college is on the private lender’s list of eligible schools.
Compare loan features. When shopping for a private loan, compare offers to get the lowest student loan interest rate you qualify for. Note whether the lender will postpone payments in case you have difficulty affording them — known as forbearance — and for how long. If you plan to have a cosigner, consider lenders that will let you release the co-signer after a period of time so they are no longer responsible for the debt.
Opt for a fixed interest rate. Fixed interest rates are a safer bet than variable interest rates because they won’t increase over time.
Watch the bottom line. Use a student loan calculator to see how much you’ll owe per month after borrowing for multiple years.
STUDENT LOAN RATINGS METHODOLOGY
Our survey of more than 26 banks, credit unions and online lenders offering student loans and student loan refinancing includes the top 10 lenders by market share and top 10 lenders by online search volume, as well as lenders that serve specialty or nontraditional markets.
We consider 40 features and data points for each financial institution. Depending on the category, these include the availability of biweekly payments through autopay, minimum credit score and income requirement disclosures, availability to borrowers in all states, extended grace periods and in-house customer service.
The stars represent ratings from poor (one star) to excellent (five stars). Ratings are rounded to the nearest half-star.
Read more about our ratings methodologies for student loans and our editorial guidelines.
Last updated on June 12, 2024
NerdWallet's Best Student Loans for Community College of December 2024
- Federal Subsidized/Unsubsidized Loan
- Sallie Mae Undergraduate Student Loan: Best for Private Student Loan
- PNC Private Student Loan: Best for Private Student Loan
- College Ave Private Student Loan: Best for Private Student Loan
- Ascent Credit-based Student Loan: Best for Private Student Loan
- Earnest Undergraduate Loan: Best for Private Student Loan
- ISL Private Student Loan: Best for Private Student Loan
- Advantage Education Private Student Loan: Best for Private Student Loan
- Nelnet Bank Private Student Loan: Best for Private Student Loan
