Best Adult Student Loans

If you’re returning to college as an adult, you have several funding options. Whether you’re changing careers, earning a degree for the first time, or finishing a degree you started years ago, you might be considering loans to pay for college. 

See what your options are and how you can apply for them. 

Lender	Best for	LendEDU Rating
U.S. Dept of Education	Federal student loans	Not rated
College Ave	Best overall	5/5
Sallie Mae	Cosigners	4.8/5
Earnest	No fees	4.7/5
SoFi	Member benefits	4.7/5
ELFI	Personalized support	4.5/5

Can adults get student loans? 

Yes, it’s possible for adults to get student loans—there is no age limit for federal student loans, and most private lenders don’t have limits either. In most cases, the requirements and application process are the same as someone heading to college right out of high school. 

It helps to know what type of education you’re seeking—for example, a bachelor’s degree or a certification through a technical school—and the schools you want to apply to.

Can adults get federal student loans?

Federal student loan servicers are typically easier to qualify for because they have no income or credit requirements, with the exception of PLUS loans. Your financial need may be considered for Direct Subsidized Loans. 

Can adults get private student loans?

Private student loan lenders want to see evidence of the borrower’s ability to repay the loan. They may consider factors such as credit score, current income, and financial assets. 

Before applying for student loans, it’s important to understand how much you’ll need to borrow. You’ll also want to look at the loan terms and what you may need to pay in interest and other fees to prepare you for graduation.

The best college loans for adults

One of the most common ways to fund your education is to take out student loans. The two types of student loans: are federal and private. We recommend exploring federal student loan options first, then looking to private loans to supplement any funding gaps because federal loans offer several benefits that you won’t get with private lenders.

For instance, federal loans offer more benefits, such as income-driven repayment plans, loan forgiveness programs, and long deferment periods. The government provides this resource about the aid available to adult students. 

Private student loans may offer lower interest rates if you have a decent credit score and a steady income. They may also have higher borrowing limits than federal loans.

Federal student loans for adults going back to school

To apply for federal student loans, you must complete the Free Application for Federal Student Aid (FAFSA), which requires information about your finances to determine your eligibility.

Once you submit the FAFSA, you’ll get letters from the financial aid departments of schools where you’ve applied and been accepted to detail the aid you qualify for. Federal loans you can qualify for include Direct Subsidized Loans and Direct Unsubsidized Loans. The government covers your interest on Subsidized Loans while you’re still in school.

Federal student loan eligibility depends on your financial situation and whether you’re a dependent or independent student.

Independent students must meet at least one of the following criteria:

• Be married
• Be a veteran or member of the armed forces
• Be 24 or older
• Be a graduate or professional student
• Have children or other dependents who receive more than half their support from you
• Be an orphan or a ward of the state
• Be an emancipated minor or in a legal guardianship
• Be homeless or at risk of being homeless

Use the following table to determine how much you may be able to borrow:

Independent graduate students	Graduate students
$23,000 in Direct Subsidized Loans; $57,500 aggregate limit	$138,500 in Direct Unsubsidized Loans (including any Direct Loans taken out for your undergraduate degree); Cost of attendance minus other financial aid for PLUS loans

Private student loans for adults

If you’re an undergraduate student who maxed out your federal loans and still needs money to pay for school, your next option is to apply for a private loan. Private student loans may come with higher rates than federal loans—particularly for those who don’t have excellent credit—and offer fewer borrower benefits. 

But if you need more money to cover tuition and other expenses, private loans can be the best option. If you’re looking for a good private student lender to work with, these are LendEDU’s top picks.

College Ave 

Sallie Mae

Earnest

SoFi

ELFI

How to apply for student loans as an adult

Applying for student loans as an adult can differ depending on the type of financial aid you want.

Here’s the process to apply for federal student loans:

1. Gather required information: You may need to provide tax returns, bank and investment account statements, any documentation on assets or businesses you own, and records if you’ve received child support. 
2. Fill out the FAFSA: Be sure to provide accurate and current information before submitting it. Consider submitting your FAFSA as early as possible to see whether you can qualify for other types of aid, such as grants and scholarships.
3. Check application status: You can log into your FAFSA account to see your status. In some cases, you may need to verify your identity or take other required action.
4. Review your FAFSA Submission Summary: This summary includes your eligibility for the coming award year, information about the schools you’re considering, and what to do next. It will be available when your FAFSA is processed—often in one to three business days. 

With private student loans, the process is similar to applying for other types of installment loans:

1. Shop around: Because private lenders offer different rates and terms, comparing student loans ensures you find one that’s the best fit for you. 
2. Gather necessary documents: You’ll need pay stubs, bank statements, documentation of your assets, and tax returns. 
3. Submit application form: Lenders will give you specific instructions to apply. 
4. Review closing documents: If you’re approved, review your loan documents before signing them. 

Alternatives to student loans for older adults

Student loans can provide necessary financial support for returning to school, but older adults have several other options to consider that can help reduce or eliminate the need for borrowing. Here are some of the most effective alternatives:

Grants and scholarships for older adults

Grants and scholarships are excellent sources of funding for older adults returning to education because they don’t require repayment. Many organizations offer scholarships for nontraditional students, including those who have taken a break from education or are pursuing a new career path later in life.

• Pell Grants: Available to undergraduate students who demonstrate financial need. While traditionally aimed at younger students, Pell Grants are also accessible to older adults meeting the eligibility criteria.
• Scholarships for returning students: Many institutions and private organizations offer scholarships for older or returning students.
• Professional associations: Various professional organizations offer scholarships to members pursuing further education in their field.

Employer-paid tuition

Many employers offer tuition assistance programs as part of their benefits package. These programs can reduce employees’ out-of-pocket costs of education.

• Tuition reimbursement: Employers may reimburse employees for tuition expenses after course completion, provided they meet certain conditions, such as achieving a specific grade.
• Direct payment programs: Some employers pay tuition to the institution, relieving employees of upfront costs.
• Continuing education benefits: Companies may offer funds for continuing education courses, certifications, or degrees relevant to the employee’s job.

Personal savings and investments

Using personal savings or investments can be a viable way to finance education without incurring debt.

• 529 plans: These education-specific savings accounts offer tax advantages and can be used for a variety of educational expenses.
• Retirement accounts: Many experts don’t recommend tapping into retirement savings, but some adults may choose to use a portion of their retirement funds for education, especially if they plan to work longer or enhance their earning potential. You might also qualify to take out a loan from your retirement account.

Crowdfunding and community support

Crowdfunding platforms and community support networks can also provide financial assistance for educational pursuits.

• Crowdfunding campaigns: Platforms such as GoFundMe and Kickstarter allow individuals to raise money for educational expenses from friends, family, and even strangers.
• Community programs: Local organizations, religious institutions, and community groups often provide financial aid or scholarships to members pursuing further education.

Federal and state programs

Federal and state programs sometimes offer financial aid or grants aimed at older students.

• Workforce development grants: These grants are often available to adults seeking education in high-demand fields.
• State-specific grants: Some states offer grants and scholarships for residents returning to school, particularly in fields experiencing labor shortages.

Exploring these alternatives can help older adults reduce reliance on student loans and make continuing education more affordable and manageable. Each option offers unique benefits and can be combined to create a comprehensive funding strategy tailored to individual needs and circumstances.

FAQ

Is there a cutoff age for financial aid?

There is no specific age cutoff for federal student loans, grants, or work-study programs. States may have an age limit to qualify for their grants, and scholarships may only be available for students of a certain age.

Can adults get student loans from their state?

Yes, many states offer student loans. See our resource on state loans for more.

Can adults get grants or scholarships for college?

Adults can still qualify for grants and scholarships. They may even be eligible for special grants and scholarships that are designed for older students. 

How we selected the best adult student loans

LendEDU evaluates student loan lenders to help readers find the best student loans. Our latest analysis reviewed 725 data points from 25 lenders and financial institutions, with 29 data points collected from each. This information is gathered from company websites, online applications, public disclosures, customer reviews, and direct communication with company representatives.

These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Recap of the best adult student loans

Lender	LendEDU Rating
U.S. Dept of Education	Not rated
College Ave	5/5
Sallie Mae	4.8/5
Earnest	4.7/5
SoFi	4.7/5
ELFI	4.5