Can You Request More Financial Aid During the Semester?

Yes, you can request more financial aid during the semester. You can do this in several ways, depending on your personal circumstances and preferences. If you filled out the FAFSA but didn’t accept the maximum amount of loans offered, you can typically request funds in the middle of the semester. If you already maxed out your loans, you can file an appeal.

Financial Aid Offices can grant appeals to students who have recently experienced challenging circumstances. If none of these are options, consider applying for grants, scholarships, and private student loans. 

Here is more information about requesting more financial aid during the semester and all the options to consider if you need more funding.

Table of Contents

1. Do you take out student loans per semester or per year?
2. Can you request more financial aid after the semester starts? 
3. Can you take out a student loan at any time?
4. Alternatives to consider when you need more funding mid-semester

Do you take out student loans per semester or per year?

To receive federal student loans to pay for your college or trade school, here’s how the process works. First, fill out the Free Application for Federal Student Aid (FAFSA) by the deadline. You’ll include information about your parents’ income and assets if you’re under age 24, and schools will use this data to send you a financial aid package. 

Your financial aid package will show you the total cost of your tuition, books, and other expenses. You’ll find out whether you qualify for scholarships or grants and the amount you need to pay on your own, either with assistance from your parents, your college savings, or student loans.

How disbursements work

If you decide to accept student loans, you’ll receive money in two disbursements, at the beginning of the fall and spring semesters. It’s best to fill out the FAFSA as early as possible so you’re considered for all financial aid awards, including scholarships and grants. However, you can typically turn it in after the deadline to be considered for aid.

Even if you didn’t accept federal loans at the beginning of the semester, you might be eligible for additional funds mid-semester as long as you fill out the FAFSA. Contact your financial aid office first to see whether you’re eligible. 

Tip

To be eligible for aid each year you’re in school, you must fill out the FAFSA. 

Can you request more financial aid after the semester starts? 

If you realize you need more money after the semester has started, you have options. Here’s what to do:

Contact your financial aid office

The first option is to contact your financial aid office and speak to a financial aid counselor. A counselor can answer your questions and let you know whether you’re eligible to take out more federal student loans. We recommend federal loans over private loans because federal student loans come with protections, including flexible repayment options. 

However, there are limits to the amount of student loans you can take out for federal loans. This chart shows the current interest rate and maximum loan amounts by loan type.

Loan type	Rate	Max. loan amounts*
Direct Subsidized Loan	6.53%	Up to $23,000 total for independent and dependent students
Direct Unsubsidized Loan	6.53%	Up to $34,500 total, depending on dependency status and year in school
Parent PLUS Loan	9.08%	You can borrow the school’s certified cost of attendance (COA) minus other financial aid

File an appeal

If you’ve already maxed out your eligibility for taking out federal student loans, you still have options. You can write a financial aid appeal letter explaining your extenuating circumstances and why you need additional funding. 

Can you take out a student loan at any time?

If your school doesn’t approve your appeal for more funding, another option is to apply for private student loans. Like federal loans, you can typically apply for private student loans at any time, even if you’re in the middle of the semester. 

Some private student loan lenders offer the ability to skip a payment (Earnest), fixed interest rates, the option to apply with or without a cosigner, and no origination fees. Some also offer the ability to hold off on payments until after you graduate.

The benefits, repayment schedule, and rate will vary by lender, but most private lenders can help you fill in the gap between your federal student loans and your total cost of attendance. 

Private student loan disbursement

When you apply for a private student loan, you’ll send an application to your chosen lender. The lenders featured in the table below offer fast approval. You should know within a few minutes whether you’re eligible. Once you accept the loan, the lender sends it to your school for certification. 

After your school certifies and accepts your private loan as payment, the school applies your private loan to your outstanding tuition and fees. Any amount left over is disbursed to you. Here’s more information about the disbursement process for some of our team’s best private student loan lenders:

Lender	Rates (APR)	Approval + disbursement	Max. loan amounts
College Ave	3.47% – 17.99%	Fast approval; disbursement can take a few days to a few weeks	Up to 100% of certified costs
Sallie Mae	3.49% – 14.71%	Fast approval; disbursement can begin as early as the fourth business day after your school certifies the lender’s request	Up to 100% of certified costs
Earnest	3.69% – 16.85%	Fast approval; disbursement can taketwo to five weeks	Up to 100% of certified costs
SoFi	3.54% – 15.99%	Fast approval; disbursement depends on peak periods but typically between 2 – 10 weeks	Up to 100% of certified costs

I typically advise my clients to explore federal student loans first, once they’ve determined their funding gap. If federal loans don’t fully cover the gap and no other options are available, private student loans may become a necessary solution. However, in cases where a client has good to excellent credit, a steady income, and can secure favorable terms—ideally with a plan for quick repayment—I may recommend considering private loans. This scenario often applies to graduates or working professionals pursuing an additional degree or specialized trade certification.

Alternatives to consider when you need more funding mid-semester

If you need more funding mid-semester but you’re unable to get more federal aid, here are alternatives to consider besides private student loans.

Ask for a tuition payment plan

Some colleges and universities will offer payment plans for tuition. With this, you can make monthly installment payments on your tuition rather than a lump-sum payment at the beginning of the semester.

Continue to apply for scholarships

Many scholarships are available year-round. Keep researching scholarships through websites like FastWeb, which also features trade school scholarships, and Going Merry. You can also check out our full scholarship guide.

Seek help from nonprofits. 

Several nonprofits exist to help eligible students cover college costs. One example is College Promise, which helps students who still have financial needs after receiving grants and scholarships.

Work part-time

Working part-time can help supplement your income and create more cash flow. You can ask your financial aid office about federal work-study opportunities, which enable you to get government-funded jobs, typically on campus. If you can’t get a work-study position, numerous businesses hire college students.

Start your own business

Thanks to the wonders of the internet, you can start your own business online with few startup costs. Whether you flip thrifted finds, become a virtual assistant, or start making your own jewelry, starting your own business can help bring in extra income while you’re in school.

Rent out your space

If you live in an apartment or house, you can increase your cash flow by renting out a room, subletting your room and moving home, and even renting out your parking space. Students might need to store items during the summer, and you can get paid to hold on to their belongings by listing your place on Neighbor.com and similar websites.

Transfer to a different school

If you find it difficult to pay for your tuition, it might be worth considering transferring to a more affordable school. According to the National Center for Education Statistics, the average price for a four-year degree at a private nonprofit institution in the 2022 – 2023 school year was $58,600, and the average cost at a public institution was $27,100. 

It might not be ideal to switch schools, but sometimes, pausing, changing to a more affordable school, and rethinking your college affordability strategy can enable you to take on less debt for your education. By extension, that can help the future you feel less stressed paying back your loans when you graduate.