It can be stressful to apply for student loans. But if you get organized, you can make the process easier on yourself.
You can apply for student loans as far as a year before you start school. While applying as early as possible is ideal, you can still get loans if you’ve missed deadlines.
Here’s what you need to know about when to apply for student loans, both federal and private.
If you need student loans to help pay for college, you should be aware of a few deadlines to keep in mind, including the Free Application for Federal Student Aid (FAFSA) deadlines and state deadlines. It’s a good idea to explore federal student loans before private student loans so you can lock in some benefits, like income-driven repayment plans and student loan forgiveness. The first step to getting federal loans is completing and submitting the FAFSA.
Do your best to fill out the FAFSA as soon as you can. It will be available for you to complete on Oct. 1 for the following academic year through June 30. Do your best to meet the deadline or you might miss out on federal financial aid.
Each state has its own deadlines, which may be earlier than the federal deadline. That’s why it’s important to review and find out the deadline in your particular state.
| For example: The deadline in California for the 2022-2023 academic year was March 2, 2022, a full year before the last federal deadline. So it’s crucial to be aware of your state’s deadlines. |
You can choose from several types of federal student loans, including:
The maximum amount you can borrow with a federal student loan depends on your unique situation, and the type of student (or parent you are).
Don’t worry if you miss the federal student loan deadline. There may still be options available to you. You can check with your financial office to find out if there are any scholarships, grants, or assistance accepting applications. Additionally, you can apply for private student loans at any time.
Before you turn to private student loans, be sure to exhaust your federal student loan options. You can always opt for private student loans to bridge the gap if you don’t have enough in federal student loans to cover your education costs. If you do go the private student loan route, note that you’ll likely need a cosigner to qualify.
Since private loans are given out by private lenders, you can apply for them at any time. But it takes time to actually get the money so you’ll still want to apply as early as possible. While the application process can be quick, it can take 7 to 10 days to certify your loan. Also, you might have to wait two months to actually receive your funds.
Related: Learn more about getting a private student loan on Credible.com
Before you go ahead and take out private student loans, consider the following:
Do some research and shop around before you choose a student loan from a private lender. Compare the rates, repayment terms, and fees of all your options. Once you find one that meets your budget and needs, you can apply for the student loan at any time. Here’s how.
- Gather documents: Most lenders will ask you for basic personal and financial information as well as some documents. Be sure you have your Social Security number, the list of schools you’d like to attend, your government-issued ID, and your tax returns available.
- Consider a cosigner: If you have no credit or bad credit, you might not qualify for a private student loan without a cosigner, which can be a family member or close friend. A cosigner can not only increase your chances of approval, they might also help you secure a lower interest rate.
- Prequalify: Some lenders let you prequalify and check your rates and terms for free without any impact on your credit. By doing so, you can get a better idea of the right private student loan for your unique situation.
- Apply: You can usually apply for a private student loan online, on the lender’s website. Be prepared to share personal and financial details. You’ll also be required to submit some documents and choose a repayment option.
- Get funded: Each private lender has their own rules for approving loan applications. The good news is most of them offer quick approvals and funding. You might be able to get your funds faster from a private loan than you would with a federal loan.
When you apply for federal student loans, you must meet deadlines set forth by FAFSA and your state. But private student loans are more flexible. You can apply for them at any time of the year, even mid-semester.
Related: Learn more about getting a private student loan on Credible.com