Student Loans for Books and Supplies

Heading to college? Tuition isn’t the only expense you can expect. You’ll also need to buy textbooks for your courses. Whether you rent your books or buy them new or used, prices can add up. If it’s more than you can manage out of pocket, you have several options.

If you have funds left over after paying tuition, you might be able to use the student loans you’ve already been approved for to pay for books and other supplies.

Supplemental loans may be your best bet if your current loans aren’t enough. Use our guide to see how to get student loans for school supplies and how you can cover this expense each semester.

Can you get student loans for school supplies? 

You can use student loans for any educational expense, including books and supplies. This includes:

• E-books and physical textbooks
• Course software
• Online access codes
• Laptops and printers
• Standard school supplies, like calculators and pencils

If you already have student loans, skip ahead to see how to use them for school supplies. 

Otherwise, keep reading—the section below lays out the best options to get student loans for books and supplies.

Student loans for books and supplies 

When it comes to student loans, you have two options: federal or private. The loan type you get doesn’t affect how you can use your student loans, but there are crucial differences between them:

	Federal	Private
Income-based repayment?	✅	❌
Loan forgiveness?	✅	❌
Credit check?	🤔*	✅
Avg. interest rates	⬇️	⬆️

Federal student loans for books and supplies

Federal student loans are issued by—you guessed it—the federal government. They come with repayment protections private loans don’t—and often lower interest rates.

To get federal student loans, you need to complete the FAFSA every academic year. This doesn’t involve a credit check, but you will report your financial information. If you’re a dependent student, you’ll include your parents’ information too.

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Tip

Every school sets its own FAFSA deadline. Submit your FAFSA no later than your school’s due date for the best chance at funding—and to give yourself time to make alternate arrangements if necessary.

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After your college receives your FAFSA, it will compare your available resources to your cost of attendance (COA). If you qualify for financial aid, you could receive any of the following types of federal student loans:

Fed. loan type	Who’s it for?	Need-based?
Direct Subsidized Loan	Undergrad students	✅
Direct Unsubsidized Loan	Undergrad students Grad. and prof. students	❌
Direct PLUS Loan	Parents Grad and prof. students	❌

Unlike Direct Subsidized and Unsubsidized Loans, eligibility for Direct PLUS Loans is based on your (or your parents’) creditworthiness.

Private student loans for books and supplies

If a federal loan isn’t an option or if federal funding isn’t enough, look into private student loans. Much like auto loans or personal loans, private student loans are issued by banks, credit unions, and online lenders.

There’s no hard cutoff time or deadline to get private student loans. You can apply whenever you realize you need additional funding. But if your tuition isn’t paid in full by your college’s financial aid drop date, the school can unenroll you from your courses.

In other words, the sooner you secure funding, the better. To apply for private student loans, here’s what you need to do:

1. Research potential lenders. Compare each one’s eligibility requirements, terms, and rates. Narrow down your list to four or five lending candidates.
2. Prequalify with each lender. Check your rates before applying to see personalized loan offers from each lender. This is also an effective way to find out whether you’ll need a cosigner.
3. Gather your documents. Have your bank statements or pay stubs, as well as a copy of a government-issued ID, ready to upload to your loan application.
4. Enter your information. The application may ask what school you’re attending, what you’re studying, and how close you are to graduating. It will also request personal details, such as your name, Social Security number, and income.
5. Tell your lender about your co-borrower. If you’re applying with someone else, you’ll share their personal and financial information as well.
6. Upload your documents. Attach your (and your co-borrower’s) proof of identity and income to your loan application.
7. Wait for a credit decision. Some private student loan lenders can let you know right away whether you’re approved. Other times, your lender may request additional verification.
8. Review and sign your loan agreement. If approved, your lender will send you loan documents outlining your APR, monthly payments, and repayment terms. If everything checks out, sign to accept your loan.

To simplify the private student loan process, we’ve researched several lenders that offer smaller student loan limits, so you can borrow only what you need. Here are our top four recommendations:

Lender	Rates (APR)	Loan amounts
Ascent	4.09% – 16.08%	$2,001 – $400,000
College Ave	4.07% – 16.69%	$1,000 – 100% of COA
Sallie Mae	4.50% – 16.78%	$1,000 – 100% of COA
Citizens Bank	5.99% – 16.03%	$1,000 – $150,000 or 100% of COA, whichever is lower

Ascent – Best for eligibility

View Rates

LendEDU rating: 4.7 out of 5

• Cosigned and non-cosigned student loans for undergrad and grad students
• 1% cash back at graduation
• Easy application process

Ascent is an award-winning private student lender that offers cosigned and non-cosigned loans for tuition, supplies, fees, books, and more.

If you don’t want to (or can’t) add a cosigner to your loan, this lender offers outcomes-based options that consider a student’s limited credit history and income. Borrowers can also take advantage of a nine-month grace period after graduation before repayment begins.

College Ave – Best overall

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LendEDU rating: 4.8 out of 5

• Competitive interest rates
• Choose your repayment term
• 4 in-school repayment options

College Ave offers loans to undergraduate, graduate, and career school students, as well as parents. Applying online for a loan takes about three minutes, and you can use it for books and supplies.

Loans are available for $1,000 to 100% of tuition and related school expenses, with competitive interest rates and multiple repayment options during school and after graduation. 

Sallie Mae – Best for cosigners

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LendEDU rating: 4.7 out of 5

• Cosigner release after 12 months of consecutive on-time payments
• Cosigner release after 12 months of consecutive on-time payments
• Get a decision within 15 minutes

Sallie Mae offers loans starting at $1,000 for undergraduates, graduate students, and those in career training or trade programs. Standard loan terms are 10 years, and Sallie Mae offers several in-school repayment options. 

There’s a good chance you’ll need a cosigner to get approved for an undergraduate Sallie Mae loan, and you can’t check your approval odds before you apply.

Citizens Bank

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LendEDU rating: 4.0 out of 5

• Loyalty rate reduction allows current account holders to lower their interest rate
• Cosigner release after 36 on-time payments
• Parents may take out a student loan to avoid adding debt to the child

Citizens Bank offers multiyear approval if you need to borrow for more than one school year. As long as your enrollment status doesn’t change and you apply with the same cosigner (if applicable), the loan process in future years will be faster and easier. 

The lender doesn’t disclose its exact FICO credit score criteria required for approval, but almost all student borrowers (99%) through Citizens have a cosigner to qualify.

How using student loans to buy books works 

Whether you have federal student loans or private, your loan servicer will disburse funds to your school to cover any outstanding balance. Once that happens, you have two options:

1. Buy books from your campus bookstore, and charge the cost to your student account.
2. Wait for your school to return any overage to you as a financial aid refund, then use that to buy your books.

Charging your books to your student financial aid account can help you get your books fast if you’re in a pinch. But college bookstores aren’t always the most cost-effective places to shop. You could save money by waiting for a refund instead.

If you’re eligible for a financial aid refund, you can choose to receive it one of three ways:

• Electronic transfer
• Direct deposit
• Paper check

How long it will take to get your refund depends on when you applied for student loans, how fast your lender disburses loans, and your school’s financial aid process. Some colleges hold funds until a certain point in the semester, such as when students may no longer drop classes.

You can expedite receipt of your refund by opting into electronic transfer or direct deposit. Once the funds are available in your bank account, you’re ready to buy your books.

Before you swipe your card, price shop to ensure you get the best deal. Here’s where to check:

• Your school’s bookstore
• Online marketplaces, including Chegg and Amazon
• Websites for brick-and-mortar chains, such as Barnes & Noble

Compare prices for rentals and purchases, as well as for e-books, hardbacks, and paperbacks. If you rent physical textbooks, mark your calendar with the return date. Most bookstores charge late fees if you don’t mail your books back on time.

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Tip

Your school’s bookstore may keep a list of required textbooks for each course. Check online or in person after registering for classes so you can start budgeting ahead of time.

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Alternatives to student loans for supplies

Student loans can help pay for school supplies and books, but they aren’t the right choice for everyone. 

If you’re hesitant to take on extra debt or you aren’t eligible for student loans, consider the following alternatives:

Option	Best for
Student loans	Deferred payments
Education savings account	Tax benefits
Credit card	Introductory offers
Buy now, pay later	Small payments

Dip into your education savings account

Education savings accounts let you set aside money for tuition and related expenses in a tax-advantaged account. If you are a beneficiary of a 529 plan or Coverdell Education Savings account, you can use funds from your savings plan to purchase your books.

Tax-advantaged accounts are subject to IRS regulation, so keep records of how you spend your 529 plan or Coverdell withdrawals. If you don’t have one of these savings plans already, now is as good a time as any to start one.

Use a credit card

Many credit cards come with a higher interest rate than student loans. However, a credit card might be advantageous if you have one available. You can buy the school supplies and books you need now and then work to reduce the balance as fast as possible.

If you don’t have a credit card but plan to get one, look for one with a 0% APR introductory offer, which would allow you to buy what you need without incurring interest (as long as you pay off the balance in time).

Leverage buy now, pay later financing

Buying your books online? You might be able to use buy now, pay later (BNPL). BNPL breaks up your payments into smaller amounts, and you can usually pay off your balance early with no penalty. 

If a merchant offers BNPL, you’ll see the BNPL option at checkout. You may need to consent to a soft credit check before you can use BNPL. If approved, your merchant’s BNPL partner will cover the cost of your shopping cart, and you’ll repay the BNPL partner in monthly installments.

Recap: Private student loans for books and supplies

Lender	Rates (APR)	Loan amounts
Ascent	4.09% – 16.08%	$2,001 – $400,000
College Ave	4.07% – 16.69%	$1,000 up to 100% of COA
Sallie Mae	4.50% – 16.78%	$1,000 up to 100% of COA
Citizens Bank	5.99% – 16.03%	$1,000 – $150,000 or 100% of COA, whichever is lower