Can You Get Student Loans Without the FAFSA? Yes—Here’s How

Filling out the Free Application for Federal Student Aid (FAFSA) helps you find out the various forms of federal student financial aid you may be eligible for. But can you still get student loans without the FAFSA? The answer is yes, but only if you don’t want federal student loans.

If you choose not to fill out the FAFSA, you may still be eligible for private student loans. Here’s what you need to know about the FAFSA, federal versus private student loans, and other factors to consider when making student loan decisions.

Table of Contents

1. FAFSA and federal student loans 
2. Do I need to fill out the FAFSA to get private student loans? 
   1. College Ave
   2. Sallie Mae
   3. Earnest

FAFSA and federal student loans 

If you want to receive federal grants, loans, and work-study funds, filling out and submitting the FAFSA form is mandatory. The FAFSA determines the amount of your federal financial aid needed and is based partially on your Student Aid Index (SAI), an eligibility index number, and the cost of attendance. The SAI is based on the information you provided in the FAFSA form. 

Additional factors used to determine federal financial aid eligibility are:

• Your year in school
• Enrollment status (Whether you’re attending college full-time, half-time, or less than half-time. Some aid programs require at least half-time enrollment to qualify.)
• Cost of attendance, including tuition and fees, food, and housing costs
• Books, supplies, transportation, loan fees, and miscellaneous expenses

The formula schools use to calculate the amount of your need-based financial aid eligibility is:

Cost of Attendance (COA) – Student Aid Index = Financial Need

For example, let’s say your COA is $16,000, and your SAI is 12,000. The school deducts $12,000 from $16,000, making you eligible for up to $4,000 in federal financial aid. 

However, it’s important to note that not all federal student aid is need-based. For example, Direct Unsubsidized Loans and PLUS Loans are available regardless of financial need.

On the other hand, most federal grants—such as the Pell Grant—are need-based and awarded based on your Student Aid Index (SAI) and other eligibility factors.

The table below breaks down the types of need-based and non-need-based federal student aid, including student loans.

Type of student aid	Need-based?	Eligibility criteria
Federal Pell Grant	✔️ Need-based	Based on exceptional financial need; For students who haven’t earned a college degree
Federal Supplemental Educational Opportunity Grant (FSEOG)	✔️ Need-based	Based on exceptional financial need; Not available at all schools)
Direct Subsidized Loan	✔️ Need-based	School determines amount, which can’t exceed your financial need
Federal work-study	✔️ Need-based	Provides part-time jobs for undergrad and graduate students with financial need
Direct Unsubsidized Loan	✖️ Non-need-based	School determines amount based on cost of attendance (COA) and other financial aid received
Direct PLUS Loan	✖️ Non-need-based	For graduate or professional students with good credit; Maximum = COA minus other aid
Teacher Education Access for College and Higher Education Grant (TEACH)	Special eligibility	Not based on need; Must commit to a qualifying teaching service or repay as a loan

You can look up your FAFSA submission summary online by logging in to your StudentAid.gov account. The summary includes:

• Estimated eligibility for a federal Pell Grant 
• Estimated eligibility for federal student loans
• Student Aid Index (SAI)
• Selection for verification (additional documents or information needed)

Your school receives the results of your FAFSA and uses that to determine the amount of financial aid you’re eligible for based on the results.

Common misconceptions I’ve heard are: 

• “We make too much money so we won’t qualify for aid.” 
• “I need to complete my tax return before filing.” 
• “The deadline isn’t until June.” 

I always recommend applying and doing so early. No matter your income level, students can be offered federal loans at reasonable rates, which have benefits such as deferred payments while in school, options for forbearance if they’re out of work, and more.

Also, you don’t need to wait to complete your tax return from the prior year. You want to get your application in early because many schools have an earlier deadline than June, and the longer you wait, the more funding opportunities you let slip away.

Do I need to fill out the FAFSA to get private student loans? 

We recommend that you complete the free FAFSA to find out which types of federal student aid you may be eligible for. However, if you want to finance your college education with a private student loan, you won’t need to fill out the FAFSA. 

You might not fill out the FAFSA and seek a private student loan instead because:

• You want more flexibility with cosigners and repayment plans
• You need a higher borrowing limit
• You want a choice between a fixed or variable interest rate
• You’re not eligible for federal aid (e.g., international students and DACA recipients)
• You need funding ASAP (e.g., late enrollees or emergency funding needs)

Many banks, credit unions, and some state agencies or schools offer private student loans. If you’re considering taking out a private student loan, be sure to shop around and compare various lenders for the best interest rates and terms.

Federal student loans are funded by the government, bound by law, and have certain advantages over private student loans. But creditworthy borrowers might be eligible for lower interest rates with private loans. 

Several differences between private and federal student loans are listed in the table below, so you can weigh the pros and cons of private student loans.

Topic	Federal student loans*	Private student loans
Payments	No payments due until after you graduate, leave school, or change to half-time status	Some lenders offer deferment of payments until after you leave school, but many don’t
Interest rates	Fixed	Fixed and variable
Subsidized?	May be refinanced, but can’t be consolidated	Not subsidized; you’re responsible for loan interest while in school
Credit	No credit check (except for PLUS loans)	Often require a good credit history or a cosigner with good credit
Tax benefits	Interest may be tax-deductible	Interest may be tax-deductible
Refinancing and consolidation	Can be consolidated into a Direct Consolidation Loan or refinanced	May be refinanced but can’t be consolidated
Payment plans	Several payment plans, including income-driven	Varies by lender
Loan forgiveness	Several loan forgiveness programs, including PSLF	Not typically available

*Not including Parent PLUS Loans

If you don’t want to file the FAFSA, below are three of LendEDU’s best private student loans.

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College Ave

Best Overall

5.0 _/5

View Rates

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Why it’s a good choice

College Ave offers loans for undergraduates, graduate students, and those in career training programs, including students enrolled less than half-time—a group not always covered by traditional lenders.

Borrowers can choose between in-school repayment or full deferral while enrolled, and you’ll have several repayment term options to fit your post-graduation plans. While the standard grace period is six months, you can also apply to extend it if you need more time.

Rates (APR)	4.39% – 16.49%
Loan amounts	$1,000 – 100% of certified costs
Repayment terms	5, 8, 10, or 15 years

Sallie Mae

Best for Cosigners

4.8 _/5

View Rates

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Why it’s a good choice

Sallie Mae also lets students, including those enrolled less than least half-time, borrow up to 100% of certified costs. It offers several repayment term options, including deferred repayment or fixed monthly payments while in school or during the separation or grace period, or interest-only payments while enrolled in school.

Sallie Mae allows cosigners to be released from responsibility for the loan after just 12 consecutive, on-time monthly payments.

Rates (APR)	4.50% – 15.49%
Loan amounts	$1,000 – 100% of certified costs
Repayment terms	10 – 15 years

Earnest

Best for no fees

4.7 _/5

View Rates

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Why it’s a good choice

Earnest is a private student loan lender that charges no application, origination, late payment, or early payment fees. It also lets you skip one payment a year and allows you to choose your own repayment terms: Deferred repayment, fixed payment, or interest-only payments while in school and during your separation or grace period.

Borrowers can also enjoy a longer grace period (nine months) with Earnest than with most other private student loan lenders.

Rates (APR)	4.11% – 15.90%
Loan amounts	$1,000 – 100% of certified costs
Repayment terms	5, 7, 10, 12, or 15 years

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Once you decide to take out a private student loan, here’s what to do:

1. Make a list of private student loan lenders that work best for your situation. Always choose a well-known and reputable lender. Check third-party reviews to learn about the lender’s pros and cons and common issues reported by reviewers.
2. Read up on each lender’s eligibility requirements. Carefully reviewing cosigner requirements can improve your chances of approval.
3. Review the loan terms. Compare interest rates, repayment plans, forbearance programs, and other terms from several lenders offering private student loans. 
4. Prequalify or complete a loan application. To reduce the number of hard inquiries on your credit, look for lenders that do a soft pull, which won’t harm your credit, to prequalify you for a loan.
5. Compare quotes from each lender for the lowest rates, best repayment plans, and any other unique benefits.
6. Choose a lender and apply. The lender will contact you and let you know the next steps.