Home » Financial Aid » Student Loans » Community College Student Loans

Community College Student Loans

You know there are a number of grants, scholarships, and loans available for individuals aspiring to a four-year baccalaureate degree or for those at least attending a traditional college. However, you cannot afford to leave home and attend one of these institutions and are planning on part-time attendance at a community college while you begin working. You haven't found any good sources for lending yet, and it's becoming frustrating. You have probably looked right past the community college student loans that are available for your purposes.

The reason it may seem difficult to obtain community college student loans is that the actual cost of attendance is so much less than what you'll pay to attend a traditional private four-year college or university. In fact, the average two-year stint at a community college will most likely run about $5000, while a single annual bill for a university can be greater than $20,000 easily. That doesn't mean that you can't obtain loans for community college.

Sallie Mae, one of the largest sources of student loans in the nation, offers the SLM Community College Loan, geared specifically toward students pursuing a two-year degree program. As a credit-based loan, there is a credit check involved, but approval can lead to complete coverage of tuition fees and a repayment period as lengthy as 15 years. Another entity offering such services is Student Loan Xpress, with the Community College Xpress Loan. Interestingly, this program allows you to borrow “backwards”, borrowing not just for your current year's tuition but also for your previous year's costs. You don't even have to be enrolled in college half time and can qualify with just part time attendance.

If all else fails, you may also look for alternative student loans through private lending sources. These won't have the same low interest rates and long-term, flexible repayment options of specific student loans like those offered through Sallie Mae and similar lenders, but they can still solve the problem of funding your community college education when you can't afford to pay the price out of pocket.

Paying for school is not easy, but we are here to help. OEDb's student finance section will help you find the money you need to pay your tuition and other college expenses. We cover scholarships, college grants, and student loans. Scholarships and grants are both forms of "free money", meaning they don't need to be paid back. Scholarships are typically awarded by businesses or individuals, with the money being earmarked specifically for tuition. They can be awarded based on a student's location or by religious affiliation, such as Catholicism or Islam. Grants are typically awarded by governments or non-profit organizations and the money often can be applied to several different expenses a student may incur, not solely tuition. They can be awarded based on location or ethnicity, for instance African American or Hispanic. Loans are not considered "free money", because unlike scholarships and grants, they do need to be paid back after graduation. Common federal loans include Perkins and Stafford. Loans are also available by location.