The complete guide to applying for student loans in 2025
Whether you're looking to cover the full cost or just fill in the gaps, student loans can help make college more affordable by spreading out the payments over time. Here's how to apply for a student loan, step by step.
The first step is to fill out the Free Application for Federal Student Aid (FAFSA). This is your gateway to federal student loans, grants and work-study. You can complete it at studentaid.gov, and it's completely free.
To fill out the FAFSA, you will need some important documents:
File as early as possible to maximize your aid. Some aid is first-come, first-served.
After your school gets your FAFSA, they'll send you a financial aid award letter. This will break down any grants or scholarships you're eligible for, work-study offers (if applicable) and federal student loan options, such as Direct Subsidized or Unsubsidized Loans.
You'll be able to accept all or part of the loan offer through your school's financial aid portal.
Before receiving the funds, you must also:
If your federal aid doesn't fully cover your costs, you can apply for a private student loan through a bank, credit union or online lender.
However, keep in mind:
Be sure to compare multiple lenders for the best terms. Earnest offers student loans with four repayment terms and a nine-month grace period. If you have a FICO® Score of 650 or better, you can also apply without a cosigner.
Ascent also offers a generous grace period of up to 36 months, along with 1% cash back on your principal loan at graduation. And if you're enrolled in an outcomes-based loan program, you can get a rate reduction of up to 1.0% for setting up autopay.
Undergraduate and graduate students, parents, half-time students, international and DACA students
Undergraduate, graduate loans, parent loans, MBA, medical school, law school, international and DACA student loans
$1,000 up to the cost of attendance for new loans, $5,000 to $550,000 for refinance loans
5, 7, 10, 12, 15 years
Nine-month grace period available
No
Yes - click here for details
Terms apply.2.98% to 15.61% APR with autopay discount (Undergraduate New Loan). Other rates and loan types are available. Visit Ascent's website for full details.
Undergraduate and graduate loans, MBA, medical school, dental school, law school, doctorate and Master's, health professional loans.
$2,001 up to $200,000 for undergraduate loans and $400,000 for graduate loans
5, 7, 10, 12, 15, 20 years
Deferment and forbearance options available
For DACA recipients and non-U.S. citizens or permanent residents
No
Terms apply.
Once everything is in place, your loan funds will be sent directly to your school to cover tuition, fees and housing if applicable. If there's money left over, the school will refund it to you.
Remember, you don't start paying federal student loans right away. Repayment typically begins six months after you graduate, leave school or drop below half-time enrollment — this break is called the grace period. However, PLUS loans go into repayment once the loan is disbursement.
Your loan servicer will send you a repayment schedule with all the key details — including when your first payment is due, how much you'll pay and how often. You'll usually get your repayment schedule at least 30 days before your first payment is due, and your first bill at least 21 days before your first payment is due.
Some things to know:
Use your time in school to learn about your total loan balance and interest so you're not caught off guard later.
The first step in applying for a student loan is to complete the Free Application for Federal Student Aid (FAFSA) form at studentaid.gov.
To be eligible for a student loan, you need to enroll at least half-time in an accredited school, maintain satisfactory academic progress and complete the FAFSA for federal loans, or meet credit and income requirements for private loans.
The 4 types of student loans are Direct Subsidized Loans, Direct Unsubsidized Loans, Direct PLUS Loans and Direct Consolidation Loans.
Money matters — so make the most of it. Get expert tips, strategies, news and everything else you need to maximize your money, right to your inbox. Sign up here.
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every student loan article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of student loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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These forward-looking statements can be identified by words such as 'forecast,' 'expect,' 'guidance,' or other words of similar import. Similarly, statements that describe future financial performance or plans or strategies are forward-looking statements. Such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, such statements. 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(MISO) in a timely manner; weather effects on utility sales volumes and operations; the direct or indirect effects resulting from cybersecurity incidents or attacks on Alliant Energy, IPL, WPL, or their suppliers, contractors and partners, or responses to such incidents; the impact of customer- and third party-owned generation, including alternative electric suppliers, in IPL's and WPL's service territories on system reliability, operating expenses and customers' demand for electricity; economic conditions and the impact of business or facility closures in IPL's and WPL's service territories; the ability and cost to provide sufficient generation and the ability of ITC Midwest LLC and ATC LLC to provide sufficient transmission capacity for potential load growth, including significant new commercial or industrial customers, such as data centers; the ability of potential large load growth customers to timely construct new facilities, as well as the resulting higher system load demand by expected levels and timeframes; 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federal and state regulatory or governmental actions, including the impact of legislation, Treasury regulations, executive orders, interpretations and guidance, and changes in public policy, including changes impacting renewable tax credits; the ability to utilize tax credits generated to date, and those that may be generated in the future, before they expire, as well as the ability to transfer tax credits that may be generated in the future at adequate pricing; the impacts of changes in the tax code, including tax rates, minimum tax rates, adjustments made to deferred tax assets and liabilities, and changes impacting the availability of and ability to transfer renewable tax credits, including preserving the qualification of any future tax credits; disruptions to ongoing operations and the supply of materials, services, equipment and commodities needed to continue to operate and maintain existing assets and to construct capital projects, which may result from geopolitical issues, tariffs, supplier manufacturing constraints, regulatory requirements, labor issues or transportation issues, and thus affect the ability to meet capacity requirements and result in increased capacity expense; inflation and higher interest rates; continued access to the capital markets on competitive terms and rates, and the actions of credit rating agencies; the future development of technologies related to electrification, and the ability to reliably store and manage electricity; employee workforce factors, including the ability to hire and retain employees with specialized skills, impacts from employee retirements, changes in key executives, ability to create desired corporate culture, collective bargaining agreements and negotiations, work stoppages or restructurings; disruptions in the supply and delivery of natural gas, purchased electricity and coal; changes to the creditworthiness of, or performance of obligations by, counterparties with which Alliant Energy, IPL and WPL have contractual arrangements, including large load growth customers, participants in the energy markets and fuel suppliers and transporters; the impact of penalties or third-party claims related to, or in connection with, a failure to maintain the security of personally identifiable information, including associated costs to notify affected persons and to mitigate their information security concerns; impacts that terrorist attacks may have on Alliant Energy's, IPL's and WPL's operations and recovery of costs associated with restoration activities, or on the operations of Alliant Energy's investments; changes to MISO's resource adequacy process establishing capacity planning reserve margin and capacity accreditation requirements that may impact how and when new and existing generating facilities, including IPL's and WPL's additional solar generation, may be accredited with energy capacity, and may require IPL and WPL to adjust their current resource plans, to add resources to meet the requirements of MISO's process, or procure capacity in the market whereby such costs might not be recovered in rates; any material post-closing payments related to any past asset divestitures, including the transfer of renewable tax credits, which could result from, among other things, indemnification agreements, warranties, guarantees or litigation; issues associated with environmental remediation and environmental compliance, including compliance with all current environmental and emissions laws, regulations and permits and future changes in environmental laws and regulations, including the Coal Combustion Residuals Rule, Cross-State Air Pollution Rule and federal, state or local regulations for emissions reductions, including greenhouse gases, from new and existing fossil-fueled EGUs under the Clean Air Act, and litigation associated with environmental requirements; increased pressure from customers, investors and other stakeholders to more rapidly reduce greenhouse gases emissions; the timely development of technologies, innovations and advancements to provide cost effective alternatives to traditional energy sources; the ability to defend against environmental claims brought by state and federal agencies, such as the U.S. Environmental Protection Agency and state natural resources agencies, or third parties, such as the Sierra Club, and the impact on operating expenses of defending and resolving such claims; the direct or indirect effects resulting from breakdown or failure of equipment in the operation of electric and gas distribution systems, such as mechanical problems, disruptions in telecommunications, technological problems, and explosions or fires, and compliance with electric and gas transmission and distribution safety regulations, including regulations promulgated by the Pipeline and Hazardous Materials Safety Administration; issues related to the availability and operations of EGUs and energy storage facilities, including start-up risks, breakdown or failure of equipment, fires, availability of warranty coverage and successful resolution of warranty issues or contract disputes for equipment breakdowns or failures, performance below expected or contracted levels of output or efficiency, operator error, employee safety, transmission constraints, compliance with mandatory reliability standards and risks related to recovery of resulting incremental operating, capacity, fuel-related and capital costs through rates; impacts that excessive heat, excessive cold, storms, wildfires, or natural disasters may have on Alliant Energy's, IPL's and WPL's operations and construction activities, and recovery of costs associated with restoration activities, or on the operations of Alliant Energy's investments; Alliant Energy's ability to sustain its dividend payout ratio goal; changes to costs of providing benefits and related funding requirements of pension and other postretirement benefits plans due to the market value of the assets that fund the plans, economic conditions, financial market performance, interest rates, timing and form of benefits payments, life expectancies and demographics; material changes in employee-related benefit and compensation costs, including settlement losses related to pension plans; risks associated with operation and ownership of non-utility holdings; changes in technology that alter the channels through which customers buy or utilize Alliant Energy's, IPL's or WPL's products and services; impacts on equity income from unconsolidated investments from changes in valuations of the assets held, as well as potential changes to ATC LLC's authorized return on equity; impacts of IPL's future tax benefits from Iowa rate-making practices, including deductions for repairs expenditures and cost of removal obligations, allocation of mixed service costs and state depreciation, and recoverability of the associated regulatory assets from customers, when the differences reverse in future periods; current or future litigation, regulatory investigations, proceedings or inquiries; reputational damage from negative publicity, protests, fines, penalties and other negative consequences resulting in regulatory and/or legal actions; the direct or indirect effects resulting from pandemics; the effect of accounting standards issued periodically by standard-setting bodies; the ability to successfully complete tax audits and changes in tax accounting methods with no material impact on earnings and cash flows; and other factors listed in the '2025 Earnings Guidance' section of this press release. For more information about potential factors that could affect Alliant Energy's business and financial results, refer to Alliant Energy's most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (SEC), including the sections therein titled 'Risk Factors,' and its other filings with the SEC. Without limitation, the expectations with respect to 2025 earnings guidance in this press release are forward-looking statements and are based in part on certain assumptions made by Alliant Energy, some of which are referred to in the forward-looking statements. Alliant Energy cannot provide any assurance that the assumptions referred to in the forward-looking statements or otherwise are accurate or will prove to be correct. Any assumptions that are inaccurate or do not prove to be correct could have a material adverse effect on Alliant Energy's ability to achieve the estimates or other targets included in the forward-looking statements. The forward-looking statements included herein are made as of the date hereof and, except as required by law, Alliant Energy undertakes no obligation to update publicly such statements to reflect subsequent events or circumstances. Use of Non-GAAP Financial Measures To provide investors with additional information regarding Alliant Energy's financial results, this press release includes reference to certain non-GAAP financial measures. These measures include income and EPS for the three and six months ended June 30, 2024 excluding the asset valuation charge related to IPL's Lansing Generating Station and asset retirement obligation charges for steam assets at IPL. Alliant Energy believes these non-GAAP financial measures are useful to investors because they provide an alternate measure to better understand and compare across periods the operating performance of Alliant Energy without the distortion of items that management believes are not normally associated with ongoing operations, and also provides additional information about Alliant Energy's operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance. Alliant Energy's management also uses income, as adjusted, to determine performance-based compensation. In addition, Alliant Energy included in this press release IPL; WPL; Corporate Services; Utilities and Corporate Services; ATC Holdings; and Non-utility and Parent EPS for the three and six months ended June 30, 2025 and 2024. Alliant Energy believes these non-GAAP financial measures are useful to investors because they facilitate an understanding of segment performance and trends, and provide additional information about Alliant Energy's operations on a basis consistent with the measures that management uses to manage its operations and evaluate its performance. Reconciliation of the non-GAAP financial measures included in this press release to the most directly comparable GAAP financial measures are included in the earnings summaries that follow. Earnings (in millions): GAAP Income (Loss) Adjustments Non-GAAP Income (Loss) 2025 2024 2025 2024 2025 2024 IPL $ 98 $ 18 $ — $ 59 $ 98 $ 77 WPL 87 64 — — 87 64 Corporate Services 5 3 — — 5 3 Subtotal for Utilities and Corporate Services 190 85 — 59 190 144 ATC Holdings 10 9 — — 10 9 Non-utility and Parent (26 ) (7 ) — — (26 ) (7 ) Alliant Energy Consolidated $ 174 $ 87 $ — $ 59 $ 174 $ 146 Expand The following tables provide a summary of Alliant Energy's results for the six months ended June 30: 2025 2024 2025 2024 2025 2024 IPL $ 0.81 $ 0.32 $ — $ 0.23 $ 0.81 $ 0.55 WPL 0.77 0.61 — — 0.77 0.61 Corporate Services 0.03 0.02 — — 0.03 0.02 Subtotal for Utilities and Corporate Services 1.61 0.95 — 0.23 1.61 1.18 ATC Holdings 0.08 0.07 — — 0.08 0.07 Non-utility and Parent (0.19 ) (0.07 ) — — (0.19 ) (0.07 ) Alliant Energy Consolidated $ 1.50 $ 0.95 $ — $ 0.23 $ 1.50 $ 1.18 Expand Earnings (in millions): GAAP Income (Loss) Adjustments Non-GAAP Income (Loss) 2025 2024 2025 2024 2025 2024 IPL $ 209 $ 81 $ — $ 59 $ 209 $ 140 WPL 198 156 — — 198 156 Corporate Services 8 7 — — 8 7 Subtotal for Utilities and Corporate Services 415 244 — 59 415 303 ATC Holdings 20 18 — — 20 18 Non-utility and Parent (48 ) (17 ) — — (48 ) (17 ) Alliant Energy Consolidated $ 387 $ 245 $ — $ 59 $ 387 $ 304 Expand ALLIANT ENERGY CORPORATION Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 (in millions, except per share amounts) Revenues: Electric utility $ 851 $ 789 $ 1,703 $ 1,580 Gas utility 76 69 316 273 Other utility 11 10 25 24 Non-utility 23 26 44 48 961 894 2,088 1,925 Operating expenses: Electric production fuel and purchased power 150 138 325 301 Electric transmission service 151 147 308 300 Cost of gas sold 30 25 167 139 Other operation and maintenance: Energy efficiency costs 10 9 20 23 Non-utility Travero 15 16 31 33 Asset valuation charge for IPL's Lansing Generating Station — 60 — 60 Asset retirement obligation charge for steam assets at IPL — 20 — 20 Other 143 132 276 260 Depreciation and amortization 208 188 420 376 Taxes other than income taxes 31 29 62 61 738 764 1,609 1,573 Operating income 223 130 479 352 Other (income) and deductions: Interest expense 124 108 243 215 Equity income from unconsolidated investments, net (10 ) (15 ) (23 ) (31 ) Allowance for funds used during construction (23 ) (19 ) (41 ) (38 ) Other 1 2 4 4 92 76 183 150 Income before income taxes 131 54 296 202 Income tax benefit (43 ) (33 ) (91 ) (43 ) Net income attributable to Alliant Energy common shareowners $ 174 $ 87 $ 387 $ 245 Weighted average number of common shares outstanding: Basic 256.9 256.4 256.8 256.3 Diluted 257.3 256.7 257.3 256.6 Earnings per weighted average common share attributable to Alliant Energy common shareowners: Basic $ 0.68 $ 0.34 $ 1.51 $ 0.96 Diluted $ 0.68 $ 0.34 $ 1.50 $ 0.95 Expand ALLIANT ENERGY CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, 2025 December 31, 2024 (in millions) ASSETS: Current assets: Cash and cash equivalents $ 329 $ 81 Other current assets 1,145 1,103 Property, plant and equipment, net 19,376 18,701 Investments 666 639 Other assets 2,234 2,190 Total assets $ 23,750 $ 22,714 LIABILITIES AND EQUITY: Current liabilities: Current maturities of long-term debt $ 1,373 $ 1,171 Commercial paper 292 558 Other current liabilities 914 986 Long-term debt, net (excluding current portion) 9,642 8,677 Other liabilities 4,384 4,318 Alliant Energy Corporation common equity 7,145 7,004 Total liabilities and equity $ 23,750 $ 22,714 Expand ALLIANT ENERGY CORPORATION Six Months Ended June 30, 2025 2024 (in millions) Cash flows from operating activities: Cash flows from operating activities excluding accounts receivable sold to a third party $ 762 $ 823 Accounts receivable sold to a third party (270 ) (261 ) Net cash flows from operating activities 492 562 Cash flows used for investing activities: Construction and acquisition expenditures: Utility business (976 ) (870 ) Other (89 ) (90 ) Cash receipts on sold receivables 198 306 Proceeds from sales of partial ownership interests in West Riverside Energy Center and Solar Facility — 123 Other (27 ) (2 ) Net cash flows used for investing activities (894 ) (533 ) Cash flows from financing activities: Common stock dividends (261 ) (246 ) Proceeds from issuance of long-term debt 1,162 969 Payments to retire long-term debt — (305 ) Net change in commercial paper (266 ) (423 ) Other 15 6 Net cash flows from financing activities 650 1 Net increase in cash, cash equivalents and restricted cash 248 30 Cash, cash equivalents and restricted cash at beginning of period 81 63 Cash, cash equivalents and restricted cash at end of period $ 329 $ 93 KEY FINANCIAL AND OPERATING STATISTICS Expand Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Utility electric sales (000s of megawatt-hours) Residential 1,632 1,629 3,502 3,384 Commercial 1,514 1,496 3,115 3,020 Industrial 2,565 2,635 5,084 5,167 Industrial - co-generation customers 215 188 399 366 Retail subtotal 5,926 5,948 12,100 11,937 Sales for resale: Wholesale 651 653 1,342 1,333 Bulk power and other 1,176 1,087 2,554 2,757 Other 14 14 28 29 Total 7,767 7,702 16,024 16,056 Utility retail electric customers (at June 30) Residential 855,362 849,224 Commercial 146,521 146,003 Industrial 2,359 2,411 Total 1,004,242 997,638 Utility gas sold and transported (000s of dekatherms) Residential 3,190 2,838 17,229 14,662 Commercial 2,534 2,472 11,500 10,001 Industrial 390 420 1,207 1,185 Retail subtotal 6,114 5,730 29,936 25,848 Transportation / other 27,159 29,102 58,165 63,009 Total 33,273 34,832 88,101 88,857 Utility retail gas customers (at June 30) Residential 385,395 382,409 Commercial 45,150 44,981 Industrial 314 318 Total 430,859 427,708 Expand Estimated operating income increases (decreases) from impacts of temperatures (in millions) - Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Electric $ 7 ($ 1 ) $ — ($ 20 ) Gas (1 ) (3 ) (4 ) (14 ) Total temperature impact $ 6 ($ 4 ) ($ 4 ) ($ 34 ) Expand Three Months Ended June 30, Six Months Ended June 30, 2025 2024 Normal 2025 2024 Normal Heating degree days (HDDs) (a) Cedar Rapids, Iowa (IPL) 535 499 678 3,775 3,349 4,126 Madison, Wisconsin (WPL) 841 597 799 4,208 3,576 4,325 Cooling degree days (CDDs) (a) Cedar Rapids, Iowa (IPL) 313 290 256 318 290 258 Madison, Wisconsin (WPL) 224 210 201 224 210 203 Expand (a) HDDs and CDDs are calculated using a simple average of the high and low temperatures each day compared to a 65 degree base. Normal degree days are calculated using a rolling 20-year average of historical HDDs and CDDs. Expand
