The Edmit Guide to

Student Loans

Have a gap? Student loans are available from the government or private lenders.

The Basics

What types of student loans are there?

Students and parents can qualify for loans. There are both federal loans and private loans. Learn about the differences and how to apply for each.

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What is the maximum amount of student loans?

The maximum amount that a student or parent may borrow depends on several factors. These can include the school's cost of attendance and the student's financial need.

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What is the average student loan debt?

The average student loan for the class of 2017 was $28,650, according to the Institute for College Access and Success. Levels of debt vary widely by type of institution, degree, and state. 

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What do student loans cover?

Student loans can and should be spent on education-related expenses, which include tuition, room and board, student activity fees, books and supplies, transportation, and other related costs.

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Frequently Asked

How much does a student loan really cost?

Student loans cost much more than the initial amount awarded to a student. There are many factors that play a role in the total cost.

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How do federal Parent PLUS loans work?

Here's what you need to know about federal loans for parents, the pros and cons, and how they compare to private loans.

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How much student loan debt is too much?

Borrowing too much can be risky and impact you for years to come. Read our guide to making an informed decision about the right amount to take in debt.

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Are there loans for parents with bad credit?

Learn about your options for paying for college if your credit score is low.

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DISCLAIMERS

A covered educational institution's name or logo on the Edmit platform is not an endorsement by the covered educational institution of SoFi's student loan products. Student loan products offered by "SoFi" are made by SoFi Lending Corp. (CFL# 6054612, NMLS# 1121636) and not by any covered educational institution displayed on the Edmit platform.

Edmit may receive compensation from SoFi on a per-funded loan basis. SoFi does not guarantee the accuracy of information provided by Edmit, its affiliates or subsidiaries. Enrollment in Edmit does not guarantee eligibility for a SoFi loan product. Terms and conditions apply, and are subject to change.