How To Get Spring Semester Student Loans and Financial Aid

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Are you starting school in the spring semester? Or perhaps your financial circumstances changed and you need a spring semester student loan even though you didn’t last fall.

The application deadline for federal student loans may have passed months ago, but you’re not out of options. Private student loans are available year-round.

Here’s what you need to know about spring semester student loans:

8 best private student loans to get for spring semester

Although it’s always best to start with federal student loans, if your federal aid won’t cover all your college costs, you may consider private student loans.

To find the best private student loan for your spring semester, it’s important to shop around with several lenders. You can acquire student loans from various qualified lenders, and can borrow either up to your school’s certified cost of attendance or a specific number. Check with your chosen lender and review their max loan amounts as well as their fixed rate vs variable rate.

The companies in the table below are Credible’s approved partner lenders. Whether you’re the borrower or cosigner, Credible makes it easy to compare rates from multiple private student loan providers without affecting your credit score.

Lender	Fixed Rates From (APR)	Variable Rates From (APR)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	3.79%+	2.47%+
Fixed APR: 3.79%+ Variable APR: 2.47%+ Min. credit score: 540 Loan amount: $2,001 to $400,000 Loan terms (years): 5, 7, 10, 12, 15, 20 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: 0.25% to 1.00% automatic payment discount, 1% cash back graduation reward Eligibility: Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking program Customer service: Email, phone Soft credit check: Yes Cosigner release: After 12 on-time principal and interest payments Loan servicer: Launch Servicing, LLC
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	4.24%+1	3.25%+
Fixed APR: 4.24%+1 Variable APR: 3.25%+ Min. credit score: 720 Loan amount: $1,000 to $350,000 Loan terms (years): 5, 10, 15 Loan types: Any private or federal student loan Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner) Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Firstmark Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	3.22%+2,3	1.79%+2,3
Fixed APR: 3.22%+2,3 Variable APR: 1.79%+2,3 Min. credit score: Does not disclose Loan amount: $1,000 up to cost of attendance Loan terms (years): 5, 8, 10, 15, 20 Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 24 months Loan servicer: College Ave Servicing LLC
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	3.65%+	3.38%+
Fixed APR: 3.65%+ Variable APR: 3.38%+ Min. credit score: Does not disclose Loan amount: $1,000 to $99,999 annually ($180,000 aggregate limit) Loan terms (years): 7, 10, 15 Repayment options: Full deferral, immediate repayment, interest-only repayment, flat/full repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay Eligibility: Available to borrowers in all 50 states. Must be a U.S. citizen or permanent resident. Customer service: Phone, email Soft credit check: Yes Cosigner release: After 36 months Loan servicer: American Education Services Min. income: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	4.52%+7	4.83%+7
Fixed APR: 4.52%+7 Variable APR: 4.83%+7 Min. credit score: 750 Loan amount: $1,000 to $200,000 Loan terms (years): 7, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and have a minimum income of $30,000. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Granite State Management & Resources (GSM&R)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	5.25%+8	2.92%+8
Fixed APR: 5.25%+8 Variable APR: 2.92%+8 Min. credit score: 670 Loan amount: $1,001 up to cost of attendance Loan terms (years): 5, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, forbearance Fees: Late fee Discounts: Autopay, reward for on-time graduation Eligibility: Must be an Indiana resident or a U.S. citizen attending an eligible Indiana school Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 48 months Loan servicer: American Education Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	4.89%+	N/A
Fixed APR: 4.89%+ Variable APR: N/A Min. credit score: 670 Loan amount: $1,500 up to cost of attendance less aid Loan terms (years): 10, 15 Repayment options: Full deferral, interest only, immediate repayment, academic deferral, forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 48 months Loan servicer: American Education Services (AES)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	3.75% – 13.72% APR9	3.25% – 13.59% APR9
Fixed APR: 3.75% – 13.72% APR9 Variable APR: 3.25% – 13.59% APR9 Min. credit score: Does not disclose Loan amount: $1,000 to $90,00010 Loan terms (years): 10, 12, 15, 20 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner. Customer service: Phone, chat Soft credit check: Yes Cosigner release: After 12 consecutive on-time payments Loan servicer: Sallie Mae
Compare private student loan rates without affecting your credit score. 100% free!Compare Private Loans Now
Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available | 1Citizens Disclosures | 2,3College Ave Disclosures | 7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures

Other lenders to consider

Here are more private student loan companies we evaluated. Keep in mind that these lenders are not offered through Credible, so you won’t be able to easily compare your rates with them on the Credible platform like you can our partner lenders.

Lender	Loan terms (years)	Cosigner release
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	15, 20 (depending on degree type)	No
Fixed APR: 4.84% – 12.39%6 Variable APR: 1.59% – 11.37%6 Min. credit score: Does not disclose Loan amount: Up to cost of attendance Cosigner release: No Loan terms (years): 15, 20 Min. GPA: No Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay, good grade discount, cash reward for on-time graduation Eligibility: Must be a U.S. citizen, permanent resident, or international student with a qualifying cosigner, as well as be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Loan servicer: Discover Bank
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	5, 7, 10, 12, 15, 20	No
Rates: Fixed, variable Min. credit score: 650 Loan terms (years): 5, 7, 10, 12, 15, 20 Min. GPA: No Cosigner release: No Repayment options: Full deferral, full month payment, fixed/flat repayment, interest only, academic deferral, military deferral, forbearance Fees: None Discounts: Autopay Eligibility: A U.S. Citizen or permanent resident. Not available in KY or NV. Customer service: Email, phone Soft credit check: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	20	After 24 months
Min. credit score: Does not disclose Loan amount: $1,000 to $150,000 Loan terms (years): 10, 15, 20 Min GPA: No Cosigner release: Yes Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance Fees: None Discounts: Autopay Eligibility: Available in all 50 states Customer service: Email, phone Soft credit check: Yes
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	5, 10, 15	After 48 months
Rates: Fixed, variable Min. credit score: Does not disclose Loan terms: 5, 7, 15 Min. GPA: No Cosigner release: Yes Repayment options: Full deferral, interest only, immediate repayment, academic deferral, military deferral, forbearance Fees: Late Fee Discounts: Autopay Eligibility: Must be a U.S. citizen Customer service: Email, phone Soft credit check: Does not disclose
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology.	5, 10, 15	After 24 months
Rates: Fixed, variable Min. credit score: Does not disclose Loan terms (years): 5, 10, 15 Min. GPA: Yes Cosigner release: Yes Repayment options: Full deferral, fixed/flat repayment, interest only, immediate repayment, academic or military deferral, forbearance Fees: None Discounts: Autopay Eligibility: Must be a US Citizen or permanent resident Customer service: Email, phone Soft credit check: Yes
The lenders in this table aren’t our partners. But you can use Credible to compare rates in 2 minutes from other lenders who offer private student loans. Compare Now

Methodology

Credible evaluated private student loan lenders in 10 different categories to determine the best lenders for spring semester student loans. This included interest rates, repayment options, terms, fees, discounts, customer service availability, as well as eligibility requirements and cosigner release options.

Deadline to apply for spring semester financial aid and loans

The Free Application for Federal Student Aid (FAFSA) is the form you need to complete to apply for federal student loans, grants, federal work-study programs, and some financial aid from states and colleges. FAFSA applications are open each Oct. 1 for the following school year, and applications are due by the end of June.

This means if you want to apply for financial aid for the 2022-23 academic year, you must have submitted your application by the end of June 2022 at the latest. Awards are generally distributed on a first-come, first-served basis and some schools have earlier deadlines, so experts recommend submitting your application as soon as possible.

If you missed that deadline, you won’t be able to apply for federal student loans for the spring 2023 semester. But you can get private student loans anytime from various lenders.

Still, the process of applying for a loan, verifying your information, and disbursing the funds can take a while. The timeline varies from lender to lender, but to be on the safe side, you should apply at least two months prior to your tuition due date.

When do student loans get disbursed for spring semester 2023?

Disbursement for federal student loans and personal student loans varies. Federal loans get disbursed directly to your school, and your school will apply the funds to your account balance. Private student loans lenders may disburse funds directly to your school or, in some cases, to you.

• Federal student loans: Generally at the beginning and midpoint of the academic year, based on your school’s schedule.
• Private student loans: Check with your lender.

How long does it take for financial aid to be disbursed?

For federal student loans and many private student loans, the lender sends the funds straight to the school rather than the student. So your school determines the disbursement schedule.

You can usually find disbursement dates and additional information in the financial aid section of your school’s website or by calling the school’s financial aid office. But most schools break disbursements up into two parts: one around the beginning of the fall semester and another at the start of the spring semester.

Get Ready: Summer Financial Aid and Student Loans for Summer School

Can I get financial aid for one semester?

Federal student aid awards generally apply for an entire academic year — the fall, spring, and summer semesters (in that order).

If you don’t attend college for the entire academic year, you can’t receive your full financial aid award from the federal government. For example, if you’re eligible to receive $5,000 in federal loans for the academic year but only attend one semester, you can only receive $2,500 in federal financial aid.

However, you can apply for private loans any time of year — even if you only need the loan for one semester. Some private lenders base the amount you can borrow per academic year on the school-certified cost of attendance to ensure you don’t borrow more than you actually need to cover tuition, room and board, fees, supplies, and other necessary expenses (after taking into account scholarships, grants, and other forms of financial aid).

What happens if I don’t use all my financial aid money?

If you have money remaining after the school applies your financial aid money to tuition, fees, textbooks, and other required equipment and materials, you have a few options.

You may be able to leave the money in your account with the school and apply it to a future semester. You can also have the school issue you a refund — either as a direct deposit to your bank account or a paper check.

You can use this money to cover living expenses, but keep in mind that it’s still borrowed money. You’ll continue to accrue interest on it and will have to repay the principal and interest eventually. Unless you really need the money, you should consider returning it to the lender to avoid paying interest on money you didn’t need to borrow.

Check Out: Student Loans for Trade School: What to Know

About the author

Janet Berry-Johnson

Janet Berry-Johnson is an authority on income taxes and small business accounting. She was a CPA for over 12 years and has been a personal finance writer for more than five years. Janet has written for several well-known media outlets, including The New York Times, Forbes, Business Insider and Credit Karma. In 2021, Canopy named her one of the Top 10 Influential Women in Accounting and Tax.

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