How to Get a Student Loan in the USA

Getting a student loan in the USA is a common step for millions of students who want to attend college or graduate school. But the rules are changing: new federal limits and repayment plans start to apply to loans made on or after July 1, 2026. Understanding the options before you borrow can save you thousands of dollars and a lot of stress in the future.

This guide explains the difference between federal and private student loans, the main changes for 2026 and the step-by-step process to apply.

Start with free money first

Before borrowing, look for money you do not have to repay:

Grants, such as the Federal Pell Grant, for students with financial need.
Scholarships from schools, companies, community organizations and foundations.
Work-study programs, which offer part-time jobs to help pay for school.
Tuition assistance from employers, if you already work.

Every dollar you receive this way is a dollar you will not have to repay with interest.

Federal student loans

Federal loans are offered by the U.S. Department of Education and usually have advantages over private loans, such as fixed interest rates set by law, protections in case of financial hardship and access to federal repayment plans.

The main types are:

Direct Subsidized Loans: for undergraduate students with financial need. The government pays the interest while you are in school at least half-time and during certain other periods.
Direct Unsubsidized Loans: for undergraduate and graduate students, regardless of financial need. Interest accrues from the moment the loan is disbursed.
Direct PLUS Loans: for parents of dependent undergraduate students (Parent PLUS). These loans require a credit check.

What changes on July 1, 2026

Federal legislation approved in 2025 changed several rules for loans made on or after July 1, 2026. According to information published by universities and financial aid offices:

Grad PLUS loans end for new borrowers. Graduate students who already borrowed before that date may have a transition period to finish their current program.
New borrowing limits for graduate students: caps on annual and lifetime borrowing, with higher limits for professional programs such as medicine and law.
Limits on Parent PLUS loans per student, per year and over a lifetime.
New repayment options for new loans: a standard plan with terms that vary according to the amount borrowed and the Repayment Assistance Plan (RAP), which bases payments on income.

Details can be complex and may depend on your situation, so confirm the current rules at studentaid.gov or with your school’s financial aid office before borrowing.

How to apply for federal student loans

Fill out the FAFSA (Free Application for Federal Student Aid) at studentaid.gov. It is free and is used to determine your eligibility for grants, work-study and federal loans.
Review your aid offer from the school. It will list the grants, scholarships and loans you are eligible for.
Accept only what you need. You can accept part of the loan amount offered.
Complete entrance counseling, which explains your responsibilities as a borrower.
Sign the Master Promissory Note (MPN), the legal agreement in which you promise to repay the loan.

The FAFSA must be completed for each academic year, so put the deadlines on your calendar.

Private student loans

Private student loans are offered by banks, credit unions and online lenders. They can help cover costs that federal aid does not, but they usually have fewer protections.

Points to consider:

Credit requirements: most students need a cosigner, usually a parent, because they have little credit history.
Fixed or variable rates: variable rates can start lower but may rise over time.
Fewer protections: private loans usually do not offer the income-based repayment or forgiveness options available for federal loans.
Compare several lenders: many offer prequalification with a soft credit check.

As a general rule, it is usually better to use federal loans before private ones.

How much should you borrow?

A common guideline is to avoid borrowing more in total than you expect to earn in your first year after graduation. Research the average salary in your field, estimate your future monthly payments using official calculators and think about your other goals, such as buying a car or a home.

Tips to borrow wisely

Create a budget for tuition, housing, books and living expenses.
Consider community college or in-state public schools to reduce costs.
Pay interest while in school, if you can, to reduce the total amount owed.
Keep track of all your loans and servicers in your studentaid.gov account.
Never pay for help with the FAFSA or federal student loans, since official help is free.

Questions to ask before borrowing

How much will I owe in total when I graduate?
What will my monthly payment be?
What salary can I realistically expect in my field?
Have I used all grants and scholarships available?

Repaying your student loans

Federal student loans usually offer a grace period after you leave school before payments begin. Use it to understand your loan servicer, your balance and your repayment options. Paying on time, signing up for automatic payments, which may offer a small interest rate reduction with some servicers, and contacting your servicer quickly if you have trouble paying can help you avoid default.

Public service and forgiveness programs

Some federal programs, such as Public Service Loan Forgiveness, may forgive remaining balances for eligible borrowers who work for qualifying employers and make qualifying payments. Rules are specific and can change, so check StudentAid.gov for current requirements.

Avoiding student loan scams

Be cautious with companies that charge fees to help with federal student loan forgiveness or consolidation, since these services are available for free through official channels. Never share your FSA ID or account password, and use only StudentAid.gov and your official loan servicer's website.

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Conclusion

Getting a student loan in the USA requires planning, especially with the new rules for loans made from July 1, 2026. Start with grants and scholarships, complete the FAFSA, use federal loans before private ones and borrow only what you need. Always check the official information at studentaid.gov and talk to your school’s financial aid office before making decisions.

Brasil Acima de Tudo is not affiliated with any bank or financial institution mentioned in this article. This article is for informational purposes only and is not financial advice. Check the official website for current terms and rates.