Are you currently in search of the best part time student loans in 2024? If so, you have come to the right article! As the cost of education keeps increasing, many part-time students are on the lookout for affordable financing options to assist them manage their educational expenses. Choosing the best student loan can have a big impact on your academic journey, regardless of how you’re juggling a job, family obligations, or any other thing Part-time student loan offers a wide range of benefits such as the flexible term of payments, competitive and affordable interest rates, and tailored repayment options to students.
We understand how strenuous it is to find lenders that offer financial aid to part time students, hence, the reason we have helped to curate some of the best and top ranking part time student loan of 2024. We would shed more light on their different features and give you tips on how to pick the best student loan so you can concentrate on your studies without having to worry about money.
Can You Get a Student Loan As A Part-Time Student?
It is possible for part time students to have access to several financial aid programs provided they meet the eligibility requirements of the lender. Although, part time students are not eligible for federal student loans, there are private lenders that are willing to offer loans students who are studying on a part time basis.
Notwithstanding, part time students are expected to meet the requirements of the private lender before the loan can be approved and sent to them. Most times, private student loan is approved based on your credit history, enrolment status, including the amount you want to borrow.
Best Part Time Student Loans Of 2024
For part time students who intend taking out a loan to support their education, here are 5 best part time student loans for you;
Federal Direct Unsubsidized Loan
Topping first on the list of best part time student loans of 2024 is the Federal Direct Unsubsidized Loan. This loan is outstanding for the low fixed interest rate it offers to part time students. Federal direct unsubsidized loan offer loan term of 10 to 25 years depending on the repayment pan you choice. The loan also features variety of forgiveness and repayment options for part time students.
Before you can be considered eligible for federal direct unsubsidized loan, applicants must be enrolled at least half time in a school. The school must also be qualified to participate in the federal direct loan program for the loan to be approved. However, it is important to note that; federal direct unsubsidized loan comes with an origination fee.
Federal Direct Subsidized Loan
For best part time student loan, coming second on the list is Federal Direct Subsidized Loan. Best known for its low fixed interest rate andcompetitive loan terms of 5, 10, 15 and 20 years. Just like the previous one, federal direct subsidized loan offers multiple repayment and forgiveness options to part time students. There is also subsidy on the interest on loans during certain periods, which makes it different from other types of loan. As a part time student, you can borrow up to a minimum of $5,000 to support your education.
The eligibility requirement for federal direct subsidized loan is that part time students must be enrolled in a school that participates in the federal loan program on a half-time basis. You must also be an undergraduate that demonstrates financial needs.
Custom Choice
Custom choice is our third pick for best part time student loans. What makes custom choice stands out from other lending institution is that, it offers interest rates discounts if you use an autopay. In addition to that, custom choice does not charge for late payment and their loan features payment relief for natural disaster and unemployment.
Although, you can’t get the credit requirement for custom choice loan online, part time students can borrow loan for up to 7, 10 or 15 years. For the loan to be approved, applicants must be a citizen or permanent resident of the U.S. If you are a non-citizen, you are required to seek the help of a creditworthy co-signer who is aU.S citizen.
Education Loan finance
This is also one of the top and reliable private student loan that part time students can benefit from. Education Loan finance is prominent for its transparent eligibility requirements and low interest rates. This loan has zero origination or prepayment fee, meaning you can apply for a loan without been charged an application fee.
Part time students can borrow up to $1,000 from education loan finance with loan term options from 5 to 15 years. To be considered eligible for the loan, you must be either a U.S citizen or a permanent resident. You must also be enrolled in a bachelor’s or master’s degree in a qualifying school on aa half-time basis. A minimum f three years credit history is also required.
Sallie Mae
Another exceptional and remarkable loan for part time students is Sallie Mae. This loan offered by Sallie Mae is available for part time students who are pursuing undergraduate degrees in different education institutions. There is no origination fee charged for applying. Also, note that, Sallie Mae offer just one loan term which is 15 years. If you are an international studentwhointend to apply for Sallie Mae part time student loan, a U.S citizen co-signer is required.
Tips for Choosing the Right Part Time Student Loan
Now, that we have highlighted some of the best loan for part time students, giving you tips on how to choose the right one is equally important.
- Always compare conditions and interest rates offered by different lenders.
- Seek for loans that fit your budget by looking for flexible repayment schedules.
- Take into account the fees and the total amount due over the course of the loan.
- Investigate grants and scholarships to see if they can lessen your need for borrowing.
By considering the aforementioned tips, part-time students can choose the best and most affordable financing options to support their academic objectives while managing their financial commitments
FAQs
What are part time student loans?
Best Part Time Student Loans Of 2024 – Part time student loans are typically financial assistance options that are specifically designed to help students who are attending a qualifying school on a part time basis. The primary purpose of part time student loans is to give students to opportunity to further higher learning, by giving financial aid to cover tuition and other educational expenses.
Do I have to be a full time student to submit the FAFSA?
No, you can apply and submit FAFSA irrespective of whether you are part time or full time students. Even if the credit hours you are planning to take is few, you can still submit the FAFSA. There are several type of loans FAFSA qualify students for, so, it is not just limited to full time students alone.
What should I consider before taking out a part time student loan?
Before applying and taking out a part time student loan, it is important to consider and evaluate certain things. First, consider the total amount of the loan you are taking out including the interest. Most importantly, consider your ability to repay the total loan upon your graduation. This would help you make an informed choice whether to take the loan or nit.