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Updated
The same federal student loans that are available for courses during the regular academic year can also be used for summer classes. These include:
However, federal loans might not be available to cover the cost of summer courses if you’ve reached your annual limit on Direct Loans:
Annual limit for dependent students | Annual limit for independent students | |
---|---|---|
First-year undergraduate | $5,500 | $9,500 |
Second-year undergraduate | $6,500 | $10,500 |
Third-year undergraduate and beyond | $7,500 | $12,500 |
Graduate student | — | $20,500 |
If you hit your limit, you’ll have to rely on private student loans, Parent PLUS Loans or Grad PLUS Loans to finance your summer classes.
Each school has a different procedure when it comes to applying for federal loans for a summer course. Before you get started, reach out to your school’s financial aid office to find out how to apply.
Generally, you need to complete the FAFSA for either the previous academic year or the upcoming academic year. Some schools might require you to be registered for your courses before you can get started — typically you need to be enrolled in at least six credits to be eligible.
On top of annual limits set by the Department of Education, some schools might also have limits to how much you can borrow in federal loans for a summer session. Usually, this depends on the number of credits you take.
For example, undergraduate students at Syracuse University can only borrow between $2,750 and $3,750 for summer courses. And UC Santa Cruz only allows students to borrow up to $2,200 depending on the number of credits you’re enrolled in and your state of residence.
If you’ve reached your federal loan limit or otherwise aren’t eligible, you might want to consider private student loans. Typically, you can borrow up to 100% of your school’s costs, covering whatever federal loans and other financial aid can’t.
Like with federal loans, you can get started by reaching out to your school’s financial aid office. Some might have deadlines for when you can apply for summer funding and other restrictions. Once you’ve confirmed the process with your school, you can start comparing lenders with the table below.
How private student loans work
Private student loans aren’t the only way to cover the cost of a summer course. In fact, you could fully cover the cost without taking on any debt with one or more of these options.
You can fund a summer course with grants, which you don’t need to repay. Pell Grants are available to students based on financial need and can be used in the summer. Some universities like UC Berkeley also offer grants to students specifically for summer sessions.
Talk to your school’s financial aid office to find out what’s available to you. You usually need to meet certain requirements to qualify and the application can take some time, so reach out sooner than later.
Many scholarships don’t have restrictions on when they can be used, so you might be able to apply for one to cover the cost of your summer courses. Like grants, scholarships typically take some time to apply for, so getting started as soon as possible can increase your odds.
Some schools don’t require payment for summer courses until the end of the semester. If this is the case and you’re only enrolled in a few credits, you might be able to cover the cost by taking on a part-time job or paid internship. You won’t have to go into debt, and you’ll have another line on your resume to kickstart your career after you graduate.
If you’re just getting credits toward your degree, you might want to consider taking a course at a local community college and transferring them over to your school.
Community colleges tend to be less expensive and therefore easier to pay for out of pocket. However, not all are eligible for federal student aid, so you might want to avoid this option if you’re interested in federal grants or loans.
An online course can be even less expensive than going to a community college. And you won’t have to ever leave your home. Just check with your school to make sure the credits are transferrable before signing up.
When and how you apply for funding for summer classes can affect whether or not you get approved. Avoid these three summer funding fails:
Your options for paying for summer classes are nearly the same as the regular academic year. But how much you’re eligible to borrow and when to apply are slightly different. Since each school has its own procedure for summer school funding, the best place to start is with its financial aid office.
Check out our guide to student loans to learn more about how it all works.
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