Student Loans for Summer Classes

These days, for whatever reason, one may need to take up summer classes whilst in college. Whilst the prospect of summer classes may seem like a good way to make up for a poor GPA, or lessen your workload in the future, one problem arises: the fact that you have to pay for summer classes. For regular classes, most people normally get federal loans to cater for their education. However, this may not be enough to cover for summer classes.

Most universities split up the federal loans to cover spring and fall semesters, but a few universities that offer year-round courses may actually split your loan to cover the entire year, including summer. In the latter case, one may not need to worry about fees since it is already catered for. For instance, a Stafford loan in a university that offers summer class as a regular part of the course may split the loan to cater for that. However, it is still advisable to visit your financial aid office and determine how the loan (federal or otherwise) was split. In the majority of instances, the initial education loan doesn’t cater for summer classes, in which case you may have to look for sources of alternative funding.

Summer education loan option: Federal loans
In most instances, federal loans such as Stafford loans are the choice of loans. Of all the federal student loan programs, the Stafford loan is the most likely to cover summer school. However, one should always consult the financial aid office in their respective university, as some may not use the money to cover summer class. Generally, apart from Stafford loans, most federal loans don’t cover summer school. This may be due to the fact that a lot of money is needed to cater for education during the rest of the year, so little is left behind for summer class.

If you have not exceeded the limit for your federal loan for the current year, or if you have made significant repayments, it may be possible to apply for another federal loan to cover summer class. This would have to be done at the FAFSA website. There may be several things you have to do in order to get the loan, such as application of extra forms at your financial aid office. You might also want to find out the number of credit hours you need to take during the summer classes in order to qualify for the loan. This is because there’s a lower limit for these. Apart from that, it would also be a good idea to talk to a financial aid administrator and find out if there are any other options for summer class aid (such as grants) that could at least ease the burden of payment.

Private loans
In light of the fact that federal loans may not be available to you to pay for summer classes for whatever reason, one may have to get a private loan to pay for their summer classes. These are loans that are given out by private institutions instead of the government, and there are no federal forms to fill out. They also have an advantage over federal loans since they can cover everything up to and including attendance costs, which federal loans don’t. The major downside to private loans is the fact that not everyone is eligible to get one. In order to get a private loan, one must have a good credit score, and also one may need a co-signor to the loan. Incidentally, such a co-signor needs to be in good standing financially. Such a person may be hard to find for some people, and the upshot of this is that the most deserving candidates may be left out.

On the whole, when considering a loan for summer classes, one should always make sure that they have exhausted their options for a federal loan before opting to get a private one. This is because private loans cost more than federal ones, and their terms are usually much stricter. They also have a variable interest rate. This interest rate is also based on your credit score and that of your co-signer. On the whole, one can get a private loan as long as they have a good credit score. Whether or not you need a co-signer depends on your profile. However, even if you are eligible for the loan without a co-signer, it is always good to have one as it lowers your interest rate. This is because having a co-signer represents less risk for the lending institution.