A low income doesn't have to put college out of reach.
In addition to financial aid, students have access to federal programs, grants and student loans to help bridge the gap between what college costs and what their families can afford.
First things first: Before taking on debt, complete the Free Application for Federal Student Aid (FAFSA) to see what free aid you qualify for. For additional funding, federal student loans generally offer the safest borrowing option, especially for those with low income, and private loans are best reserved for filling any remaining gaps.
Here's how to navigate the process as a low-income borrower.
Low-income student loan borrowers
What's considered low income?
A commonly used federal poverty guideline defines low income in 2026 as an annual income of $15,960 for a single person and $33,000 for a family of four.
No matter your income level, your first step in affording college is to apply for the FAFSA. There is no minimum income requirement (nor is there an income limit) to apply, and eligibility is based on several factors, including family size, household income and overall financial circumstances. The FAFSA demonstrates your financial need and can help you access grants, work-study programs, scholarships, merit aid and subsidized or unsubsidized federal student loans. With subsidized loans, the government covers the interest while you're in school, while unsubsidized loans are available to more students regardless of financial need but interest starts accruing right away.
First up: Federal student loans
Federal student loans are your best borrowing option for school, especially if you have low income. Federal student loans don't consider your credit score and interest rates are fixed, meaning they stay the same over the life of your loan, making repayment more predictable. Federal student loans also have more borrower protections than private student loans, such as income-driven repayment plans and forgiveness programs, which can make a real difference to low-income borrowers.
Need more funding? Take out private student loans
Private student loans help cover college costs once you've exhausted federal loan options. They offer higher borrowing limits and having good credit can help you score a low interest rate.
It's worth doing your homework before applying. Some private lenders offer more flexibility than others. Earnest, for example, offers multiple repayment options including standard, interest-only and extended-term plans, plus a nine-month grace period after graduation — three months longer than the industry average. Borrowers can also take out up to the full cost of attendance.
- Student loan refinancing available
- Offers the option to apply with a co-signer
- Nine-month grace period
- Borrowers can skip one payment per year without penalty
- No physical branches
- Student loan refinancing not available in Mississippi
Actual rate and available repayment terms will vary based on your financial profile. Our lowest rates are only available for the most credit qualified existing cosigned loan borrowers who receive the 0.25% Loyalty discount and requires selection of our shortest term offered, full principal and interest payment while in school, and enrollment in our 0.25% Auto Pay discount. Enrolling in Auto Pay is not required as a condition for approval. Interest rates are subject to change.
Residents of Hawaii must request a loan of at least $1,501.
You can take advantage of the Auto Pay interest rate reduction by setting up and maintaining active and automatic ACH withdrawal of your loan payment from a checking or savings account. The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. It is important to note that the 0.25% Auto Pay discount is not available when loan payments are deferred during the interim period as a result of selecting the deferred repayment option.
To be eligible for the Loyalty Discount, applicants must have previously obtained an Earnest Private Student Loan and apply using the same email address associated with that loan. Only one Loyalty Discount may be applied per eligible Earnest Private Student Loan. Not all applicants may qualify. This offer cannot be combined with Earnest's Rate Match program. Earnest may modify or discontinue this offer at any time and without notice, however, once a Loyalty Discount is earned, it will not be taken away.
Nine-month grace period is not available for borrowers who choose our Principal and Interest Repayment plan while in school.
Earnest clients may skip a payment through a single, one-month forbearance during a 12 month period. Your first request to skip a pay can be made once you've made at least 6 months of consecutive on-time full principal and interest payments, and your loan is in good standing. The interest accrued during the skipped month will result in an increase in your remaining minimum payment. The final payoff date on your loan will be extended by the length of the skipped payment periods. Any unpaid accrued interest may capitalize (added to the principal balance) at the end of the forbearance period by adding unpaid accrued interest to the outstanding principal as permitted by law and the terms of the loan agreement. Please note that skipping a payment is not guaranteed and is at Earnest's discretion. Your monthly payment and total loan cost may increase as a result of postponing your payment and extending your term.
Ascent offers repayment terms of up to 20 years, which is longer than most lenders and can help keep monthly payments manageable, though you'll pay more in interest over time. Borrowers can take out up to $200,000 for undergraduate loans and up to $400,000 for graduate loans.
- Considers borrowers with no credit
- High loan limit
- Co-signer release available after just 12 payments
- Up to 1% interest rate discount for autopay*
- 1% cash back rewards*
- Considers alternative requirements like the borrower’s school, program, graduation date, major, GPA, cost of attendance and Satisfactory Academic Progress (SAP) to grant approval
- Maximum fixed APR is on the high side
- Doesn't offer student loan refinancing
Disclosure: *Ascent Funding, LLC products are made available through Bank of Lake Mills or DR Bank, each Member FDIC. Subject to credit approval. Loan products may not be available in certain jurisdictions. Certain restrictions, limitations, terms and conditions may apply for Ascent's Terms and Conditions please visit AscentFunding.com/Ts&Cs. Annual Percentage Rates (APRs) displayed above are effective as of 7/15/2026 and reflect an Automatic Payment Discount (ACH). The ACH discount consists of 0.25% on credit-based college student loans submitted prior to 6/1/2025, a 0.5% discount for on credit-based college student loans submitted on or after 6/1/2025 and a 1.00% discount on outcomes-based loans when you enroll in automatic payments. Loans subject to individual approval, restrictions and conditions apply. Loan features and information advertised are intended for college student loans and are subject to change at any time. For more information, see repayment examples or review the Ascent Student Loans Terms and Conditions. The final amount approved depends on the borrower's credit history, verifiable cost of attendance as certified by an eligible school and is subject to credit approval and verification of application information. Lowest interest rates require full principal and interest (Immediate) payments, the shortest loan term, a cosigner, and are only available for our most creditworthy applicants and cosigners with the highest average credit scores. Actual APR offered may be higher or lower than the examples above, based on the amount of time you spend in school and any grace period you have before repayment begins. Variable rates may increase after consummation.1% Cash Back Graduation Reward subject to terms and conditions. For details on Ascent borrower benefits, visit AscentFunding.com/BorrowerBenefits. Ascent applicants and borrowers that agree to the AscentUP Terms of Service and Privacy Policy, as well as students associated with an Ascent parent loan application, have access to the AscentUP platform.
Consider a co-signer
If you have low income or a limited credit history, applying with a co-signer is one of the most effective ways to get approved for a private loan and secure a better rate. A co-signer is typically a parent, guardian or another creditworthy adult who agrees to share responsibility for the loan.
Ninety-three percent of undergraduate loans funded through Credible between June and September 2025 included a co-signer, and undergraduates with co-signed loans received APRs that were more than two percentage points lower on average than those who applied alone.
Credible® Student Loans
Eligible borrowers
Undergraduate and graduate students, parents
Loan amounts
Amount varies by individual lender
Loan terms
Range from 5 to 20 years
Loan types
Variable and fixed
Borrower protections
Amount varies by individual lender
Co-signer required?
Varies by individual lender
Offer student loan refinancing?
Yes - click here for details
Terms apply.
Pros
- Lets you compare offers from multiple lenders
- None of the lenders on Credible charge origination fees or prepayment penalties
- Can check prequalified rates with lenders for free without a hard credit check
Cons
- Doesn't directly underwrite loans, so you'll have to do some comparison shopping
College Ave approves co-signers with credit scores in the mid-600s, which is lower than most competitors require, making it a good fit if your co-signer's credit isn't perfect. Undergraduate borrowers can also apply once and get approved for multiple years, so you won't have to reapply each semester. A co-signer release, which releases the co-signer of any financial responsibility, is available for qualified borrowers once half of the repayment term has passed with principal and interest payments made.
SoFi also approves co-signers with credit scores in the mid-600s and offers repayment terms from five to 20 years, which gives you more flexibility to find a monthly payment that works for your budget. Fixed rates are on the low end for those with good credit, along with the offer of a 0.25% discount for autopay. A co-signer release is available after 12 consecutive on-time monthly payments.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Undergraduate and graduate students, parents, students in MBA, law, health professional and dental programs
$5,000 (or state-mandated minimum) up to the cost of attendance
5, 7, 10, 15, years; up to 20 years for refinancing loans
Terms apply.
Undergraduate, graduate, Master's, PhD, MBA, law school, medical school, health professions, dental school, medical and dental residency loans, bar study loans.
$1,000 up to 100% of the cost of attendance
10 to 15 years
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*Interest Rates: Eligibility and Important Details. Fixed rates range from 2.99% APR to 15.99% APR with 0.25% autopay discount. Variable rates range from 4.64% APR to 15.99% APR with a 0.25% autopay discount. Unless required to be lower to comply with applicable law, Variable Interest rates are capped at 17.95%. SoFi rate ranges are current as of 9/3/2026 and are subject to change at any time. Your actual rate will be within the range of rates listed above and will depend on the term and type of repayment option you select, evaluation of your creditworthiness, income, presence of a co-signer (if applicable) and a variety of other factors. Lowest rates reserved for the most creditworthy borrowers. Check out our eligibility criteria at https://www.sofi.com/eligibility-criteria/. For the SoFi variable-rate product, the variable interest rate for a given month is derived by adding a margin to the 30-day average SOFR index, published two business days preceding such calendar month, rounded up to the nearest one hundredth of one percent (0.01% or 0.0001). APRs for variable-rate loans may increase after origination if the SOFR index increases.
