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If you’re planning to take out student loans to help pay for college, you’re probably wondering: How long does it take to get student loans, and when should I submit my application?

Understanding the time involved can be critical, especially if your tuition will soon be due.

Keep reading to learn more on how long it takes to get both federal and private student loans.

Getting a Student Loan: How Long Does It Take?

Student loan timing can vary depending on whether you’re taking out private or federal loans. In total — from application to disbursement — it can take a few weeks to a few months.

Federal student loans are generally disbursed once per term. The process for private student loans may depend on the lender.

Recommended: Private Student Loans vs Federal Student Loans

Does the Length of Time Vary Between Loan Types?

The length of time it takes to get a student loan can vary significantly between loan types — especially between federal and private loans.

How Long It Takes to Get a Federal Student Loan

Applying for federal student loans is generally a straightforward process. You start by filling out a Free Application for Federal Student Aid (FAFSA®). The FAFSA may qualify you for federal loans, grants, and work-study.

Once submitted, it can take a few weeks to a couple of months for schools to process the application and issue a financial aid package.

Disbursements for federal loans typically occur at the beginning of each academic term, and students usually receive their funds about 7–10 days before classes begin. Because this process is closely tied to the school’s academic calendar, the timeline is more predictable.

Recommended: Important FAFSA Deadlines to Know

How Long It Takes to Get a Private Student Loan

Private loans come from private (aka nongovernment) lenders who don’t have the same set of standards as federal loans. No private lender functions exactly the same as the next when it comes to interest rates, payment plans, and disbursements.

Because each lender will have different application requirements and payment processes, there is no specific timeline for receiving your funds. However, you can generally expect that your private lender will send your loan funds to you or your college anywhere from two to 10 weeks from the date your loan application is approved. Factors like credit checks, missing documentation, or school delays can impact the private student loan timeline.

Private lenders may offer school-certified loans or direct-to-consumer loans. When borrowing a school-certified loan, the loan amount is disbursed directly to the school. Direct-to-consumer loans are disbursed directly to the borrower.

Recommended: A Complete Guide to Private Student Loans

Tips to Avoid Delays in the Loan Process

Delays in processing or disbursement can add unnecessary stress at the start of a school term. By planning ahead and being thorough during the application process, you can avoid common setbacks. Here are some practical tips to help ensure your loan is processed smoothly and on time:

•   Submit your FAFSA or loan application early: The earlier you apply, the more time you allow for processing, corrections, and any required documentation.

•   Double-check all personal and financial information: Mistakes on your application—like a wrong Social Security number, incorrect income figures, or mismatched names—can cause delays.

•   Respond promptly to requests for additional documents: Lenders and schools may request tax documents, proof of identity, or enrollment verification. Delayed responses can stall your application.

•   Work closely with your school’s financial aid office: Your school must certify your loan before it can be disbursed. Stay in contact with the financial aid office to make sure they have everything they need and that they’re aware of your loan status.

•   Maintain good credit: If you’re applying for private loans without a cosigner, your credit history plays a key role. A strong credit score and stable income can speed up approval and reduce the need for additional verification.

Avoiding delays in the student loan process comes down to preparation, accuracy, and communication. By submitting applications early, checking details, and staying proactive, you can help ensure that your financial aid is ready when you need it.

The Takeaway

When applying for a federal loan using the FAFSA, it may take anywhere from a few days to two weeks to find out what types of loans you’re eligible for. The loans will then be disbursed directly to your school, at least once per term. If you have questions, contact the financial aid office at the school.

The application process for private student loans varies from lender to lender. It can take anywhere from two to 10 weeks for the loan to be disbursed once the loan application has been processed.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

How long does it take to get a federal student loan?

Federal student loans typically take a few weeks to a couple of months from the time you submit the FAFSA to when the funds are disbursed. Disbursement usually happens 7–10 days before the academic term starts.

How long does it take to get a private student loan?

Private student loans can be approved quickly — sometimes within minutes — but final disbursement may take anywhere from two to 10 weeks, depending on the lender, school certification, and whether any additional documentation is needed.

What factors affect how long it takes to get a student loan?

Factors include the type of loan (federal or private), accuracy of your application, school processing time, and how quickly you respond to any requests for documentation. Private loans may also depend on your creditworthiness or cosigner.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOISL-Q225-018

A Direct Subsidized Loan is a type of federal student loan available to undergraduate students who demonstrate financial need. The federal government subsidizes this type of loan by paying the interest that accrues while the student is enrolled in school at least half-time and during qualifying periods of deferment, such as the grace period.

The Direct Subsidized Loan is one of three federal student loans available to student borrowers. The others are the Direct Unsubsidized Loan, Direct PLUS Loan, and Direct Consolidation Loan. Read on for more information about the benefits of Direct Subsidized Loans and details about other types of student loans available to eligible students.

What Are the Benefits of a Federal Direct Subsidized Loan?

Like other types of student loans, you will be responsible for paying back your Federal Direct Subsidized Loan after you finish school. Unlike many other student loans, however, having a Direct Subsidized Loan means you won’t be responsible for paying interest while you are in school or during a six-month grace period after graduation (or during other deferment periods). The U.S. Department of Education subsidizes this type of loan by paying the interest on your behalf during those periods.

Since the government is paying the interest that accrues while you are in school and during the grace period, no interest will be added to your balance before you begin repayment. This might sound like a minor detail, but not having to pay interest while you are in school and for six months after you graduate can significantly reduce the overall cost of your loan.

Like a Direct Unsubsidized Loan, you’re not obligated to make payments during school — and the interest rate is relatively low. For the 2024-25 academic school year the interest rate for a Subsidized or Unsubsidized Direct Loan is 6.53%.

How Do You Apply for a Federal Direct Subsidized Loan?

To apply for a Federal Direct Subsidized Loan, you will need to complete the Free Application for Federal Student Aid (FAFSA). The FAFSA is available for free online, and contains questions about you and your family’s financial circumstances.

The information you submit through the FAFSA is transmitted to your school and then used to determine what types of aid (including federal loans, grants, scholarships, and work-study) you are eligible to receive. The FAFSA must be completed annually.

There is no credit check involved in applying for a Federal Direct Subsidized (or Unsubsidized) Loan, and you don’t need to worry about having a certain credit score.

How Is Your Eligibility for a Federal Direct Subsidized Loan Determined?

After your FAFSA has been reviewed, your selected school will send you an award letter that tells you your total cost of attendance, the award money you’ve been given, and what federal aid programs and loans you qualify for based on your FAFSA information.

You school will determine exactly how much you are eligible to borrow in federal loans based on a number of factors, including the amount the federal government expects you and your family to contribute to your educational costs, your current enrollment status, the school’s cost of attendance, any other financial aid you receive, and whether you are a dependent or independent student.

However, there are limits on the amount you can borrow with a Direct Loan, regardless of your financial need. If you are a dependent student, you can borrow a total of $31,000 for your undergraduate education in federal loans, but no more than $23,000 of this amount may be in Direct Subsidized Loans. Graduate and professional students cannot borrow subsidized loans.

Beyond Subsidized Loans: Other Options Available to Student Borrowers

Since eligibility for Direct Subsidized Loans is based on borrower need, and there are annual borrowing limits, you may be interested in learning about other available loan options. There are three other types of federal loans, and some borrowers may also want to consider private student loans.

Direct Unsubsidized Loans

Direct Unsubsidized Loans are available to undergraduate and graduate students, and eligibility is not based on financial need. Unlike Direct Subsidized Loans, however, interest starts accruing as soon as the money is disbursed to your school. You may choose not to pay this interest while you’re in school and during your six-month grace period, but any unpaid interest that accumulates during this time will be added to your total balance.

How much you can borrow with an unsubsidized loan depends on your year in school as well as if you’re a dependent or an independent student.

Direct PLUS Loans

Direct PLUS Loans are options for graduate and professional students and parents of students who are interested in borrowing a loan to help their child pay for college. Eligibility for this type of loan is not based on need, but the application process does require a credit check.

The terms of these loans are somewhat less favorable than Direct Loans, which is why families will want to look at Direct Unsubsidized and Subsidized loans first. The interest rate on PLUS Loans for the 2024-25 academic year is 9.08%. These loans also have an origination fee of 4.228%.

Direct Consolidation Loan

This federal loan isn’t awarded to borrowers as a part of their financial aid package. Instead, a Direct Consolidation Loan allows borrowers with multiple federal loans to combine (or consolidate) them into a single loan, usually after school. The loan’s new interest rate is the weighted average of the current interest rates on the student loans that will be consolidated, rounded up to the nearest one-eighth of a percent.

Private Student Loans

Private student loans are available through private lenders, including banks, credit unions, and online lenders. They come with a variety of terms and can offer competitive interest rates for students (or parent cosigners) with good or excellent credit. Unlike federal student loans, which offer only fixed rates, private student loans can have fixed or variable interest rates.

However, private student loans don’t come with the same protections, such as government-sponsored loan forgiveness and income-driven repayment plans, as federal loans. Because of this, you may want to consider private loans only after you’ve exhausted federal loan options.

To apply for private student loans, potential borrowers will need to fill out an application directly with the lender of their choice.

Recommended: A Complete Guide to Private Student Loans

The Takeaway

Undergraduate borrowers with Federal Direct Subsidized Loans are not responsible for the interest that accrues while they are enrolled in school at least half-time or during the grace period or other qualifying periods of deferment. Instead, the interest is subsidized by the U.S. government. To qualify for this type of federal student loan, borrowers must be qualifying undergraduate students who demonstrate financial need.

Other options for students looking to pay for college may include Federal Direct Unsubsidized Loans and PLUS Loans, scholarships and grants, federal work-study programs, and private student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

What is a Federal Direct Subsidized Loan?

A Federal Direct Subsidized Loan is a need-based federal student loan where the government pays the interest while you’re enrolled at least half-time, during your six-month grace period after leaving school, and during deferment periods.

Who is eligible for a Direct Subsidized Loan?

Only undergraduate students who demonstrate financial need based on their FAFSA application are eligible for a Direct Subsidized Loan.

Do Direct Subsidized Loans require a credit check?

No, Direct Subsidized Loans do not require a credit check or a cosigner, making them accessible to students without established credit history.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOISL-Q225-020

Applying for a student loan generally works one of two ways. Students interested in borrowing a federal student loan can apply by filling out and submitting the Free Application for Federal Student Aid (FAFSA®) each year.

Private student loans run independently of the federal loan program. Students are able to apply for a private student loan at any time during the school year.

Keep reading to learn more on how to get both federal and private student loans, plus other ways to pay for college.

Understanding The Difference Between Private and Federal Student Loans

There are a few important differences between federal and private student loans.

Federal Student Loans

For federal student loans, the U.S. Department of Education runs the William D. Ford Federal Direct Loan Program. The program has four types of loans to consider:

•   Direct Subsidized Loans: Direct Subsidized Loans are for undergraduate students with financial need, where the government pays the interest while the student is in school at least half-time, during the grace period, and during deferment.

•   Direct Unsubsidized Loans: Direct Unsubsidized Loans are available to undergraduate and graduate students regardless of financial need, and interest begins accruing as soon as the loan is disbursed.

•   Direct PLUS Loans: Direct PLUS Loans are available to graduate or professional students and parents of dependent undergraduates to help pay for education expenses not covered by other financial aid, and they require a credit check.

•   Direct Consolidation Loans: Direct Consolidation Loans allow borrowers to combine multiple federal student loans into a single loan with one monthly payment and a fixed interest rate.

Private Student Loans

Private student loans are offered through private lenders. As a part of the application process, lenders will generally evaluate a borrower’s personal financial information and history, including their credit score, among other factors.

Private loans don’t have to follow the same government regulations as federal loans, and they don’t offer the same borrower benefits or protections — like income-driven repayment plans or Public Service Loan Forgiveness. For this reason, private loans are generally considered an option only after other sources of funding have been exhausted.


💡 Quick Tip: SoFi offers low fixed- or variable-interest rates. So you can get a private student loan that fits your budget.

How to Apply for a Federal Student Loan

The first step in applying for a federal student loan is to complete and submit the Free Application for Federal Student Aid (FAFSA®). The FAFSA is typically available starting in the fall of the year before school starts and will remain open until June 30th of the academic year. So for example, for the 2025-2026 school year, the FAFSA application opened on November 21, 2024, and will close on June 30, 2026.

While there is a large window to fill out the FAFSA, there may be college or state deadlines that fall before the federal deadline. Additionally, some aid is awarded on a first-come, first-served basis, so it can be beneficial to fill out the FAFSA as early as possible.

Once the FAFSA is submitted, your school will review and determine your financial aid offer, which may include federal student loans, scholarships, grants, and work-study.

Before you receive any federal student loan that you apply for, you’ll be required to complete entrance counseling, which is designed to help you understand your obligation to repay the loan. You’ll also be asked to sign a Master Promissory Note, which says you officially agree to the terms of the loan.

How To Apply For Private Student Loans

You may want to consider a private student loan after you’ve explored your options for federal financial aid. Private lenders typically have their own qualification criteria, but you may be eligible to apply for a private student loan if you’re an undergraduate or graduate student, pursuing a certificate, a student of the dental, medical, or other health professions, studying to take the bar exam, or relocating for medical or dental residencies.

Parents may also be eligible to take out private loans to pay for their child’s education.

Private student loans can usually be used for any type of expenses related to your education, including tuition, room and board, fees, books, supplies, equipment, computers and electronics related to your schoolwork, transportation, and personal needs at school.

To apply for a student loan, you may need to provide:

•   Your name, address, phone number, and email address

•   Date of birth

•   Social Security number

•   Employer’s name

•   Proof of income (a recent pay stub)

•   Bank account balances

•   Monthly housing payment (rent/mortgage)

•   School name

•   Estimated cost of attendance

•   Your current student status (freshman, full time, for example)

•   Other financial aid you’ve received so far

•   Anticipated graduation date

•   References

•   Student loan cosigner and cosigner’s information, if applicable

Private student loan lenders may let you submit your loan application online, and some may even be able to give you an answer the same day. Of course, underwriting timeframes and documentation requirements can vary greatly by lender.

What Is Private Student Loan Approval Based On?

Private student loan approval is based on your income, credit history, and credit score, among other factors. That means the lender looks at your history of borrowing money and paying it back, which also determines your loan’s interest rate.

If your credit history is unestablished or less than stellar, applicants may consider adding a cosigner to the loan. A cosigner will be responsible for paying it if you are unable to do so.

Beyond Student Loans: Other Ways to Pay for College

Students can explore other options to pay for college, including scholarships, work-study, grants, and more.

Scholarships and Grants

Scholarships and grants are types of aid that don’t need to be repaid. Grants are generally awarded based on financial need and may be awarded by your school, the government, or another organization such as a nonprofit.

Scholarships are awarded based on various criteria such as academic achievement, athletic ability, artistic talent, financial need, or community service. Scholarships can come from schools, private organizations, nonprofits, or government programs, and applying early can increase a student’s chances of receiving aid.

Recommended: SoFi’s Scholarship Search

Work-Study

The Federal Work-Study Program offers part-time employment to undergraduate students who demonstrate financial need. Eligibility for work-study is determined by the FAFSA. Some schools may match students to a work-study job, while other schools may require that students apply for positions.

Part-Time Job

Working part-time can be another way to earn extra cash to pay for college expenses. Students could look into jobs such as tutoring, babysitting, or working at a local business in their college town.

The Takeaway

To get a federal student loan, students fill out the FAFSA in order to see which type and how much aid they may be eligible for. The application process for private student loans may vary by lender. Private student loans can help students pay for college if they don’t get enough federal aid.

Students can also explore other options to help pay for college, such as scholarships and grants, work-study, or another part-time job.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

What is the first step in applying for a federal student loan?

The first step is to complete and submit the Free Application for Federal Student Aid (FAFSA), which determines your eligibility for federal student loans and other financial aid.

What types of federal student loans are available?

Federal student loan options include Direct Subsidized Loans for students with financial need, Direct Unsubsidized Loans available regardless of financial need, and Direct PLUS Loans for graduate students or parents of undergraduates, which require a credit check.

What should students consider when choosing a student loan?

Students should evaluate factors such as interest rates, repayment terms, eligibility requirements, and the total cost over time to determine the loan option that best fits their financial situation.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SOISL-Q225-023

If you’re considering borrowing student loans, you may be wondering if it’s possible to get a student loan without a credit history.

Yes, you can borrow a student loan with no credit history, and it’s possible to get student loans with no credit check. Federal student loans (except PLUS loans) don’t require a credit check.

Private lenders do, however, review an applicant’s credit history during the application process. Potential borrowers who don’t have a strong credit history may be able to add a cosigner to strengthen their application, but there are no guarantees.

Keep reading to learn more on getting a student loan with no credit history, including how it differs between federal and private student loans, and tips on building your credit score.

Federal vs Private Student Loans

Student loans fall into two general categories: federal (offered by the government) and private (offered by banks and other lenders). There are options under each category that range from different eligibility requirements to fixed vs. variable interest rates. Here’s a look at the differences between the two types of loans.

Types of Federal Student Loans

If you’re searching for “student loans, no credit check,” federal student loans (aside from PLUS loans) fit that description. Federal student loans are funded by the U.S. Department of Education and are based on education costs and your current financial situation, not your credit history.

The most desirable type of federal loan, the Direct Subsidized Loan, has relatively low fixed interest rates that are set each year by the government.

Subsidization means that the government will pay for any interest that accrues on the loan while you’re in school at least half-time, as well as during your grace period and some deferral periods. Direct Subsidized Loans are awarded based on financial need and are only available to undergraduate students.

The other type of no-credit-required federal loan is the Direct Unsubsidized Loan. It also typically has low interest rates, but no subsidy means the interest starts to accrue as soon as the money is loaned, and borrowers are required to pay the interest that accrues. Unsubsidized loans are available to students at all levels of higher education and are therefore one of the most accessible types of student loans.

One advantage with both these types of federal student loans is repayment flexibility, including deferment, income-driven repayment plans, and forgiveness programs like Public Service Loan Forgiveness. If you’re trying to build your credit score, repayment options that could help keep you out of default are key.

Private Student Loans

Students also have the option of applying for private student loans, which are available through some banks, credit unions, or private lenders. The terms can be very different depending on the type of loan, whether you choose a fixed or variable interest rate, and your financial history — which includes things like your credit score.

If you have less-than-stellar credit, or not much of a credit history and income, you’ll likely need to apply with a cosigner, typically a family member or a close friend who guarantees to repay the loan in the event that you can’t. It’s important to choose a cosigner wisely. It should be someone with a solid financial history that you trust.

Recommended: A Complete Guide to Private Student Loans

Applying for Student Loans With FAFSA®

To start the federal student loan application process, fill out the FAFSA (Free Application for Federal Student Aid). Filling out the FAFSA is free, and it doesn’t commit you to any particular type of loan. The FAFSA is also the tool used by many schools to determine a student’s full financial aid award, including scholarships, grants, work-study, and federal student loans.

Applying for Private Student Loans

To get a private student loan, potential borrowers will apply directly with the private lender of their choosing. Each loan application may vary slightly by lender as will the terms and interest rates. Private student loans don’t have the same borrower protections that federal student loans offer, such as income-driven repayment plans or deferment or forbearance options. Therefore, they’re generally considered as a last resort, after all other sources of aid have been exhausted.

Parent PLUS Loans

Students aren’t the only ones who can apply for federal financial aid. Parents of undergrad students that are enrolled at least half-time can apply to receive aid on their behalf via the Parent PLUS Loan.

This is another type of unsubsidized federal loan, but it’s more restrictive in that both parents and children need to meet the minimum eligibility requirements. This type of federal student loan requires a credit check.

Like private loans, borrowers who don’t have optimal credit history may apply with a cosigner to guarantee a PLUS loan. And students are still typically able to seek additional unsubsidized loans for themselves to cover any gaps.

Tips for Building Credit

Entering college can be a smart time to start establishing credit. A borrower’s credit score could mean the difference between getting a good deal on a loan, or not getting a loan at all. Even a few points higher or lower might impact the interest rates a borrower may qualify for.

There are a number of sites that let you check your credit score for free and offer notifications if there are changes, so it’s easy to keep track of where you are.

The number that signifies “good” credit is between 670-739 for FICO Scores®. These scores are determined by factors such as the number of credit accounts a person has and how they are managed. One way to start building credit is to open some kind of credit account, and then make regular payments.

Paying bills on time, the credit mix you have, and your credit utilization ratio may all play a role in determining a credit score. While everyone’s circumstances are unique, try to make bill payments on time. Another general rule of thumb to aim for is to keep the credit utilization ratio under 30%.

Recommended: 10 Strategies for Building Credit Over Time

The Takeaway

Most federal student loans do not require a credit check and may be considered “no credit check” student loans. They are available to borrowers with no credit history. Parent PLUS Loans are one exception as they are federal student loans that do require a credit check.

Private student loans also require a credit check. Students with a limited credit history may have the option to apply with a cosigner if they are interested in borrowing a private student loan. As noted earlier, however, adding a cosigner does not necessarily guarantee approval for a loan.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

FAQ

Can I get a student loan if I have no credit history?

Yes, it’s possible. Most federal student loans, such as Direct Subsidized and Unsubsidized Loans, do not require a credit check, making them accessible to students without established credit. However, private lenders typically assess credit history, so having no credit may necessitate a cosigner or result in higher interest rates.

Do federal student loans require a credit check?

Generally, no. Federal student loans like Direct Subsidized and Unsubsidized Loans do not require a credit check. However, Direct PLUS Loans, which are available to graduate students and parents, do require a credit check to determine eligibility.

How can I qualify for a private student loan without a cosigner?

Qualifying for a private student loan without a cosigner typically requires a good credit score and sufficient income. Some lenders may offer loans to students with limited credit history, but these often come with higher interest rates. Building credit through responsible financial habits can improve your chances of qualifying independently.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student loans are not a substitute for federal loans, grants, and work-study programs. We encourage you to evaluate all your federal student aid options before you consider any private loans, including ours. Read our FAQs.

Terms and conditions apply. SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. SoFi Private Student loans are subject to program terms and restrictions, such as completion of a loan application and self-certification form, verification of application information, the student's at least half-time enrollment in a degree program at a SoFi-participating school, and, if applicable, a co-signer. In addition, borrowers must be U.S. citizens or other eligible status, be residing in the U.S., Puerto Rico, U.S. Virgin Islands, or American Samoa, and must meet SoFi’s underwriting requirements, including verification of sufficient income to support your ability to repay. Minimum loan amount is $1,000. See SoFi.com/eligibility for more information. Lowest rates reserved for the most creditworthy borrowers. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change. This information is current as of 4/22/2025 and is subject to change. SoFi Private Student loans are originated by SoFi Bank, N.A. Member FDIC. NMLS #696891 (www.nmlsconsumeraccess.org).

SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

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