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.
Keep going to see the best adult student loans!
| Company | Fixed Rates (APR) | Variable Rates (APR) | Rating (0-5) |
|---|---|---|---|
Terms & Disclosures
Information advertised valid as of 06/15/2026. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s). All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. College Ave Student Loan Servicing, LLC, NMLS#1263410 NMLS Consumer Access College Ave’s student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or BTG Pactual Bank, N.A., member FDIC |
5.59% – 16.99% | 3.99% – 15.89% |
Terms & Disclosures
Information advertised valid as of 06/15/2026. Variable interest rates may increase after consummation. Approved interest rate will depend on creditworthiness of the applicant(s). All rates shown include the auto-pay discount. The 0.25% auto-pay interest rate reduction applies as long as a valid bank account is designated for required monthly payments. If a payment is returned, you will lose this benefit. College Ave Student Loan Servicing, LLC, NMLS#1263410 NMLS Consumer Access College Ave’s student loan products are made available through Firstrust Bank, member FDIC, First Citizens Community Bank, member FDIC, or BTG Pactual Bank, N.A., member FDIC |
Terms & Disclosures
Borrow responsibly Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000. 1. Loan application must be submitted to see available rates. 2. Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal. 3. Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2023 to September 30, 2024. 4. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. 5. Advertised APRs for undergraduate students assume a $10,000 loan with a 4-year in-school period, a 6-month grace, and the longest loan term offered. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. 6. Savings comparison assumes a freshman student receives a $10,000 Smart Option Student Loan with the most common variable rate as of January 2025 and the longest loan term offered. 7. Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common fixed rate, Fixed Repayment Option, two disbursements, a 4-year in-school period, and a 6-month grace: For a borrower with the shortest loan term, it works out to 16.16% fixed APR, 51 payments of $25.00, 119 payments of $296.32 and one payment of $41.82, for a total loan cost of $36,578.90. For a borrower with the longest loan term, it works out to 16.38% fixed APR, 51 payments of $25.00, 177 payments of $265.54 and one payment of $173.00, for a total loan cost of $48,448.58. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not. Information advertised valid as of 05/26/2026. ALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION. Sallie Mae loans are made by Sallie Mae Bank. |
5.59% – 16.99% | 3.87% – 16.50%% |
Terms & Disclosures
Borrow responsibly Loans for Undergraduate & Career Training Students are not intended for graduate students and are subject to credit approval, identity verification, signed loan documents, and school certification. Student must attend a participating school. Student or cosigner must meet the age of majority in their state of residence. Students who are not U.S. citizens or U.S. permanent residents must reside in the U.S., attend school in the U.S., and apply with a creditworthy cosigner (who must be a U.S. citizen or U.S. permanent resident). Requested loan amount must be at least $1,000. 1. Loan application must be submitted to see available rates. 2. Although we do not charge you a penalty or fee if you prepay your loan, any prepayment will be applied as provided in your promissory note — first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal. 3. Based on a comparison of the percentage of students who were approved with a cosigner to the percentage of students who were approved without a cosigner from October 1, 2023 to September 30, 2024. 4. The borrower or cosigner must enroll in auto debit through Sallie Mae to receive a 0.25 percentage point interest rate reduction benefit. This benefit applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. 5. Advertised APRs for undergraduate students assume a $10,000 loan with a 4-year in-school period, a 6-month grace, and the longest loan term offered. Interest rates for variable rate loans may increase or decrease over the life of the loan based on changes to the 30-day Average Secured Overnight Financing Rate (SOFR) rounded up to the nearest one-eighth of one percent. Advertised variable rates are the starting range of rates and may vary outside of that range over the life of the loan. Interest is charged starting when funds are sent to the school. With the Fixed and Deferred Repayment Options, the interest rate is higher than with the Interest Repayment Option and Unpaid Interest is added to the loan’s Current Principal at the end of the grace/separation period. To receive a 0.25 percentage point interest rate discount, the borrower or cosigner must enroll in auto debit through Sallie Mae. The discount applies only during active repayment for as long as the Current Amount Due or Designated Amount is successfully withdrawn from the authorized bank account each month. It may be suspended during forbearance or deferment. 6. Savings comparison assumes a freshman student receives a $10,000 Smart Option Student Loan with the most common variable rate as of January 2025 and the longest loan term offered. 7. Examples of typical transactions for a $10,000 Smart Option Student Loan with the most common fixed rate, Fixed Repayment Option, two disbursements, a 4-year in-school period, and a 6-month grace: For a borrower with the shortest loan term, it works out to 16.16% fixed APR, 51 payments of $25.00, 119 payments of $296.32 and one payment of $41.82, for a total loan cost of $36,578.90. For a borrower with the longest loan term, it works out to 16.38% fixed APR, 51 payments of $25.00, 177 payments of $265.54 and one payment of $173.00, for a total loan cost of $48,448.58. Loans that are subject to a $50 minimum principal and interest payment amount may receive a loan term that is less than 10 years. A variable APR may increase over the life of the loan. A fixed APR will not. Information advertised valid as of 05/26/2026. ALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES, AND BENEFITS AT ANY TIME WITHOUT NOTICE. CHECK SALLIEMAE.COM FOR THE MOST UP-TO-DATE PRODUCT INFORMATION. Sallie Mae loans are made by Sallie Mae Bank. |
Terms & Disclosures
In-School Loans Disclosures
Earnest Private Student Loans are subject to credit approval. Before applying for private student loans, it’s best to maximize your other sources of financial aid first. It’s recommended to use a 3-step approach to assembling the funds you need: 1) Look for funds you don’t have to pay back, like scholarships, grants, and work-study opportunities. 2) Next, fill out a FAFSA® form to apply for federal student loans options. 3) Finally, consider a private student loan to cover any difference between your total cost of attendance and the amount not covered in steps 1 and 2. For more information, visit the Department of Education website at studentaid.gov.
Auto Pay Discount
You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. It is important to note that the 0.25% Auto Pay discount is not available when loan payments are deferred during the interim period as a result of selecting the deferred repayment option.
Cosigner Release
To qualify for automatic cosigner release, the outstanding principal balance of your loan must be paid down to 50% or less of the original principal balance. The primary borrower must have made 36 months of required payments after the end of the Interim Period. The primary borrower must meet our eligibility and minimum credit requirements. Additional terms and conditions may apply.
To request cosigner release, the primary borrower must have made 12 consecutive, monthly on-time principal and interest payments (or an amount equal thereto) immediately preceding the cosigner release application. The primary borrower must satisfy certain eligibility and credit criteria at the time of application. Additional terms and conditions may apply.
Grace Period
Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.
Loan Cost Examples
Available interest rates are subject to change. Interest rates as of 03/19/2026. Earnest’s Loan Cost Examples:
1.) These examples provide estimates based on principal and interest payments beginning immediately upon loan disbursement. Variable annual percentage rate (“”APR””): A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $27,511.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $27,054.10.
2.) These examples provide estimates based on interest-only payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $35,515.14. For a variable loan, after your starting rate is set, your rate will then vary with the market. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $140.42 for 57 months. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $34,886.94. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $137.42 for 57 months.
3.) These examples provide estimates based on fixed $25 payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $253.39) and a 16.85% interest rate without Auto Pay (14.92% APR) would result in a total estimated payment amount of $47,035.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $246.61) and a 16.49% interest rate without Auto Pay (14.65% APR) would result in a total estimated payment amount of $45,814.80. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $25.00.
4.) These examples provide estimates based on deferred payments. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $275.17) and a 16.85% interest rate without Auto Pay (14.67% APR) would result in a total estimated payment amount of $49,530.60. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $268.03) and a 16.49% interest rate without Auto Pay (14.39% APR) would result in a total estimated payment amount of $48,245.40. Your actual repayment terms may vary. Other repayment options are available. It is important to note that the 0.25% Auto Pay discount is not available when the deferred repayment option has been selected and the loan is in the interim period. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $0.
Loan Minimum
Residents of Hawaii must request a loan of at least $1,501.
Repayment Terms and Options
Repayment terms and repayment options available vary based on loan type.
Skip a Payment
Earnest clients may skip a payment through a single, one-month forbearance during a 12 month period. Your first request to skip a pay can be made once you’ve made at least 6 months of consecutive on-time full principal and interest payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Any unpaid accrued interest may capitalize (added to the principal balance) at the end of the forbearance period by adding unpaid accrued interest to the outstanding principal as permitted by law and the terms of the loan agreement. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.
No Fees
Earnest does not charge fees for origination, late payments, returned check, or prepayments. Florida Stamp Tax: For Florida residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.
Earnest Private Student Loans are made by FinWise Bank, Member FDIC. FinWise Bank, 756 East Winchester, Suite 100, Murray, UT 84107. Earnest student loans are serviced by Earnest Operations LLC, 300 Frank H. Ogawa Plaza, Suite 340, Oakland, CA 94612. NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770). FinWise Bank and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.
Interest Rates Disclosure: |
5.59% – 16.99% | 3.99% – 16.85% |
Terms & Disclosures
In-School Loans Disclosures
Earnest Private Student Loans are subject to credit approval. Before applying for private student loans, it’s best to maximize your other sources of financial aid first. It’s recommended to use a 3-step approach to assembling the funds you need: 1) Look for funds you don’t have to pay back, like scholarships, grants, and work-study opportunities. 2) Next, fill out a FAFSA® form to apply for federal student loans options. 3) Finally, consider a private student loan to cover any difference between your total cost of attendance and the amount not covered in steps 1 and 2. For more information, visit the Department of Education website at studentaid.gov.
Auto Pay Discount
You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. It is important to note that the 0.25% Auto Pay discount is not available when loan payments are deferred during the interim period as a result of selecting the deferred repayment option.
Cosigner Release
To qualify for automatic cosigner release, the outstanding principal balance of your loan must be paid down to 50% or less of the original principal balance. The primary borrower must have made 36 months of required payments after the end of the Interim Period. The primary borrower must meet our eligibility and minimum credit requirements. Additional terms and conditions may apply.
To request cosigner release, the primary borrower must have made 12 consecutive, monthly on-time principal and interest payments (or an amount equal thereto) immediately preceding the cosigner release application. The primary borrower must satisfy certain eligibility and credit criteria at the time of application. Additional terms and conditions may apply.
Grace Period
Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.
Loan Cost Examples
Available interest rates are subject to change. Interest rates as of 03/19/2026. Earnest’s Loan Cost Examples:
1.) These examples provide estimates based on principal and interest payments beginning immediately upon loan disbursement. Variable annual percentage rate (“”APR””): A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $27,511.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed APR: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $27,054.10.
2.) These examples provide estimates based on interest-only payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $152.84) and a 16.85% interest rate without Auto Pay (16.85% APR) would result in a total estimated payment amount of $35,515.14. For a variable loan, after your starting rate is set, your rate will then vary with the market. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $140.42 for 57 months. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $150.30) and a 16.49% interest rate without Auto Pay (16.49% APR) would result in a total estimated payment amount of $34,886.94. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $137.42 for 57 months.
3.) These examples provide estimates based on fixed $25 payments while in school. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $253.39) and a 16.85% interest rate without Auto Pay (14.92% APR) would result in a total estimated payment amount of $47,035.20. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $246.61) and a 16.49% interest rate without Auto Pay (14.65% APR) would result in a total estimated payment amount of $45,814.80. Your actual repayment terms may vary. Other repayment options are available. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $25.00.
4.) These examples provide estimates based on deferred payments. Variable interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $275.17) and a 16.85% interest rate without Auto Pay (14.67% APR) would result in a total estimated payment amount of $49,530.60. For a variable loan, after your starting rate is set, your rate will then vary with the market. Fixed interest rate: A $10,000 loan with a 15-year term (180 monthly payments of $268.03) and a 16.49% interest rate without Auto Pay (14.39% APR) would result in a total estimated payment amount of $48,245.40. Your actual repayment terms may vary. Other repayment options are available. It is important to note that the 0.25% Auto Pay discount is not available when the deferred repayment option has been selected and the loan is in the interim period. The calculation assumes that the “in-school” period is 4 years (48 months) and includes our 9 month grace period, during which the monthly payment will be $0.
Loan Minimum
Residents of Hawaii must request a loan of at least $1,501.
Repayment Terms and Options
Repayment terms and repayment options available vary based on loan type.
Skip a Payment
Earnest clients may skip a payment through a single, one-month forbearance during a 12 month period. Your first request to skip a pay can be made once you’ve made at least 6 months of consecutive on-time full principal and interest payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Any unpaid accrued interest may capitalize (added to the principal balance) at the end of the forbearance period by adding unpaid accrued interest to the outstanding principal as permitted by law and the terms of the loan agreement. Please note that skipping a payment is not guaranteed and is at Earnest’s discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.
No Fees
Earnest does not charge fees for origination, late payments, returned check, or prepayments. Florida Stamp Tax: For Florida residents, Florida documentary stamp tax is required by law, calculated as $0.35 for each $100 (or portion thereof) of the principal loan amount, the amount of which is provided in the Final Disclosure. Lender will add the stamp tax to the principal loan amount. The full amount will be paid directly to the Florida Department of Revenue. Certificate of Registration No. 78-8016373916-1.
Earnest Private Student Loans are made by FinWise Bank, Member FDIC. FinWise Bank, 756 East Winchester, Suite 100, Murray, UT 84107. Earnest student loans are serviced by Earnest Operations LLC, 300 Frank H. Ogawa Plaza, Suite 340, Oakland, CA 94612. NMLS #1204917, with support from Higher Education Loan Authority of the State of Missouri (MOHELA) (NMLS# 1442770). FinWise Bank and Earnest LLC and its subsidiaries, including Earnest Operations LLC, are not sponsored by agencies of the United States of America.
Interest Rates Disclosure: |
|
3.29% – 15.99% fixed-rate APR w/ autopay included | 4.64% – 16.73% variable-rate APR w/autopay included |
|
|
5.59% – 16.99% | 3.99% – 17.99% |
|
|
5.59% – 16.99% | 6.75% – 17.99% |
|
Table of Contents
| 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
Why we picked it
College Ave offers flexible and comprehensive student loan options for undergraduates, graduates, and parents, making it a top choice for adult learners returning to school. With a quick application process, competitive interest rates, and a variety of repayment options, College Ave stands out for its adaptability and customer-friendly terms. The substantial rate reduction for automatic payments makes it appealing to those seeking manageable loan terms
- Flexible repayment terms
- Quick and easy application process
- Cosigner release program
- Minimum income requirement
- Other lenders may offer shorter cosigner release periods
Loan details
| Rates | 4.39% – 16.85% |
| Loan amounts | $1,000 – 100% of the school-certified cost of attendance |
| Repayment terms | 5, 8, 10, or 15 years |
| Repayment options | Full principal and interest, interest-only, $25 fixed, deferred |
| Fees | No origination, application, or prepayment fees |
| Grace period | 6 months |
Sallie Mae
Why we picked it
Sallie Mae is well-known for its broad range of loan options and flexible terms, making it an excellent choice for adults returning to school. It offers the shortest cosigner release period, which is beneficial for those who need a cosigner but plan to manage the loan independently in the future. Sallie Mae’s career training loans cater to nontraditional students seeking education in fields such as coding and certifications
- Short cosigner release period
- Offers career training loans
- Flexible repayment options
- Higher variable rates
Loan details
| Rates | 4.50% – 16.70% |
| Loan amounts | $1,000 – 100% of the school-certified cost of attendance |
| Repayment terms | 5 – 15 years |
| Repayment options | Interest-only, $25 monthly payments, Deferred |
| Fees | No prepayment or origination fees |
| Grace period | 6 months |
Earnest
Why we picked it
Earnest stands out for its fee-free structure and flexibility, making it an excellent option for adult learners managing their finances. Earnest offers unique advantages with the ability to skip one payment per year and check rates without affecting credit scores. This lender also provides some of the lowest fixed and variable interest rates, making it a cost-effective choice for refinancing or new loans
- No fees
- Skip one payment per year
- Low interest rates
- No cosigner release program
Loan details
| Rates | 4.39% – 16.85% |
| Loan amounts | $1,000 – 100% of the school-certified cost of attendance |
| Repayment terms | 5, 7, 10, 12, or 15 years |
| Repayment options | Full principal and interest, Interest-only, $25 fixed, deferred |
| Fees | No origination, application, or prepayment fees |
| Grace period | 9 months |
SoFi
Why we picked it
SoFi is a top choice for adult students due to its comprehensive student loan options, competitive rates, and extensive member benefits. SoFi offers loans for undergraduate and graduate studies and provides refinancing options, making it ideal for adults looking to reduce the burden of student debt. The platform is known for its user-friendly online application process and robust support services, including member perks and financial advising.
- Competitive rates
- Extensive member benefits
- Flexible repayment options
- Requires good credit for best rates
Loan details
| Fixed APR | 4.19% – 14.83% w/ autopay |
| Variable APR | 5.74% – 15.86% w/ autopay |
| Loan amounts | $1,000 – up to 100% of school-certified costs |
| Repayment terms | 5, 7, 10, or 15 |
| Repayment options | Deferred, interest-only, partial, and immediate |
| Fees | No origination, application, or prepayment fees |
| Grace period | 6 months |
MPOWER
Why we picked it
MPOWER stands out as the best student loan option for international students. You don’t need a cosigner to qualify—a standout feature that makes it a solid option for international students. You can also take advantage of a generous 0.25% rate discount. Additionally, the company is transparent about its terms and conditions.
Some of the helpful features come at a cost, though. The origination fee is pricey, at 6.5%, and you must start making payments almost immediately. However, the extra expense might be worthwhile, as international students often have limited loan options.
- No cosigner or collateral required
- Generous rate discount
- Unique visa support for international students
Loan details
| Rates (APR) | Fixed rate starting at 13.98% |
| Loan amounts | $2,001 – $100,000 |
| Repayment terms | 10 years |
ELFI
Why we picked it
ELFI stands out for its competitive interest rates and flexible loan options, making it an excellent choice for adult learners. ELFI offers private student loans and refinancing, catering to those returning to school or looking to manage debt. The straightforward application process and personalized customer service set ELFI apart as a user-friendly option.
- Competitive interest rates
- Flexible repayment terms
- Personalized customer service
- Minimum loan amount is higher than some competitors
Loan details
| Rates | 3.99% – 10.99% |
| Loan amounts | $10,000 – $200,000 |
| Repayment terms | 5, 7, 10, 15, or 20 years |
| Repayment options | Deferred, interest-only, partial, and immediate |
| Fees | No origination, application, or prepayment fees |
| Grace period | 6 months |
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:
- 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.
- 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.
- 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.
- 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:
- Shop around: Because private lenders offer different rates and terms, comparing student loans ensures you find one that’s the best fit for you.
- Gather necessary documents: You’ll need pay stubs, bank statements, documentation of your assets, and tax returns.
- Submit application form: Lenders will give you specific instructions to apply.
- 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 |
| MPOWER | 4.6/5 |
| ELFI | 4.5 |
About our contributors
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Written by Sarah Li CainSarah Li Cain, AFC®, is a finance writer with more than 10 years of experience in consumer financial products, mortgages, banking, and insurance. She also works with brands to launch and produce podcasts.
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Edited by Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their pack of senior rescue dogs. She has edited and written personal finance content since 2015.