Summer Student Loans

summer loan applicationSpending the hot, sunny days of summer enclosed in a classroom doesn’t sound like fun. In fact, it’s safe to say that most students would prefer to spend the summer months relaxing on the beach and soaking up rays, rather than sitting in class and soaking up knowledge. However, those students who do enroll in summer school can catch up on classes they didn’t have time to take during the regular school year, and in some cases, they might even save money. A student profiled by The Boston Globe, for example, was expected to pay $4,736 for a course during the standard school year, but that same course in the summer cost only $2,120. By staying in for the summer, this student saved a bundle.

Even though summer courses can come with bargain-basement prices, the costs might still be out of reach for some students. Thankfully, loans for summer school can help these students to fill the funding gap.

Most federal student loans move directly from the funding source to the school, meaning that the student has very little say in how and when the funds are distributed and where they are placed. Sometimes, that means the funds are provided to the school in order to pay for classes during the standard school year, with the expectation that the student will take the summer off. When this happens, students might have no funds left to apply for their summer courses. Students like this can start the loan process over again, applying for federal aid and waiting to see what sorts of loans they qualify for. They can then apply those loans to the summer, as well as to the academic year that follows. But some students balk at this idea, as they know they won’t qualify for enough aid to meet the extensive needs they’ll face for a whole year of education with no break.

cost-of-collegeSome students fund their summer school experience by applying for grants through their schools. Students attending Syracuse University, for example, can choose to enroll in the Summer Scholar Incentive Program, which provides a tuition grant that could amount to the value of three hours of undergraduate credit. Other institutions may have similar programs that could reduce the amount of money a student needs in order to participate in summer school. When federal loans and school grants aren’t available, many students begin asking about private loans.

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Types of Student Loans