Summer Student Loans
Spending 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.
Some 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.
They may even wonder how to apply for summer student loans. While the process can vary from bank to bank, most ask students to:
- Provide information about their credit
- Outline how much money they need
- Detail how much they already owe
- Find an adult who is willing to cosign for a loan
With all of this information in hand, students can get the private loans they need to pay for their summer tuition and really advance their educational careers.
If you need a private loan for summer school, we can help. Our tools can help you to find a student loan for your school, and we can even help you to compare student loans in order to ensure that you’re getting the very best deal available. All of our tools are free, and the information we gather on our website is kept strictly confidential. We hope you’ll try our tools today.
- Summer may not be on the traditional academic calendar, but that does not mean your borrowing options have changed.
- Compare loan options with our free loan search tool.
- Private loans are a good secondary source of funding if you need additional help paying for your summer classes.
- Make sure to check with your financial aid office to exhaust any and all federal options, too.
Types of Student Loans
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- No Credit Check
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- Private School
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- Without Cosigner