When You Should Apply for a Student Loan

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Few situations are more stressful than having a bill due and not being able to pay. But when it comes to paying for college, you can avoid this last-minute anxiety by knowing when to apply for student loans.

You can apply for federal student loans as early as the year before you start school. It’s a good idea to apply as soon as possible, since federal loans have strict application deadlines. On the other hand, you can apply for private student loans at any time.

Whether you decide to take out federal or private loans, be sure to give yourself plenty of time to apply and for the funds to be disbursed just in case there are any hiccups along the way.

Here’s when to apply for both federal and private student loans:

• Deadlines for federal student loans
• Deadlines for private student loans
• You can still apply for student loans after school has started
• Can you apply for student loans before being accepted?

Deadlines for federal student loans

For most borrowers, it’s best to apply for federal student loans first when planning for college costs. The first step in taking out federal student loans is to complete the FAFSA, or Free Application for Federal Student Aid.

The FAFSA typically opens October 1 for the following academic year, however the 2024-25 FAFSA won’t be available until December. It’s a good idea to complete the FAFSA as early as possible so you can get all of the financial aid you qualify for.

Also keep in mind that some aid is finite and given on a first-come, first-served basis — so be sure to submit the FAFSA as soon as you can, especially if you have high financial need.

2024-25 deadlines

• FAFSA opens: December 2023
• Final deadline: TBD

2023-2024 deadlines

• FAFSA opened: Oct. 1, 2022
• Final deadline: June 30, 2024

2022-2023 deadlines

• FAFSA opened: Oct. 1, 2021
• Final deadline: June 30, 2023

Some states and schools require you to apply earlier than the federal deadline. For example, California’s deadline for many state financial aid programs for the 2023-2024 academic year was March 2, 2023. That’s more than a full year before the last federal deadline.

Be sure to check your state’s FAFSA deadline and plan ahead. You can also contact your school’s financial aid office to check what specific deadlines you’ll need to meet.

Deadlines for private student loans

Unlike federal student loans, you can apply for private student loans at any time — but you don’t want to wait until the last minute. Give yourself plenty of time before tuition is due to apply for a private student loan and for the funds to be disbursed. This way, you won’t have to worry about missing a payment if there are any delays.

In many cases, private lenders will approve your application in just a few minutes. But if your application requires additional review, it could take up to two weeks for approval. After this, there are a few more steps before you’ll get your funds. Here’s a brief look at the timeline for private student loans:

1. Application: There’s no specific deadline for private student loans. But if you already know your costs will exceed federal loan limits, it’s smart to apply well before your tuition is due. This gives you more time to compare as many options as possible so you can find the best loan for you.
2. Certification: Before the private student loan lender will disburse your funds, they’ll work with your school to certify your enrollment status, cost of attendance, and other details. This might be a quick process — but again, it’s best to plan for delays. The certification process usually takes about 7 to 10 days, depending on your school. The financial aid office can give you more information about their certification timelines.
3. Disbursement: Most private student loans are disbursed at the start of the semester. The funds are typically sent directly to your school, which applies the money to your tuition and fees. You’ll get whatever money is left over to cover costs like housing and books.

From start to finish, it can take up to a month to get a private student loan. While the best private student loans are often approved quickly, apply early to avoid last-minute delays.

You can still apply for student loans after school has started

For both federal and private loans, it’s possible to get more funding even after the semester has begun.

As long as you have already submitted the FAFSA, you may be eligible for additional federal loans immediately — assuming you haven’t hit your borrowing limits yet. Log in to your account at Federal Student Aid to see what available funds you may have remaining.

If you haven’t submitted the FAFSA, you can apply for federal student loans until the deadline at the end of June. Applying mid-year can limit your options, depending on your state or school’s deadlines. Your school’s financial aid office can also help you find extra money you may qualify for.

Similarly, you can submit an application for private student loans at any time. For example, if you maxed out your federal loans to cover tuition but are running low on funds for room and board, you might consider applying for a private student loan to cover your living expenses.

Keep reading: Summer Financial Aid and Student Loans for Summer School

Can you apply for student loans before being accepted?

For federal student loans, you can — and in many cases, should — apply before you get accepted to school. That’s because the FAFSA typically opens on Oct. 1 of the calendar year before the academic year you’ll be starting. Because most colleges don’t announce acceptance decisions that early, the FAFSA allows you to add up to 10 schools, all of which will receive your necessary financial information.

Private student loans work a bit differently. Generally, you’ll need to have received a financial aid award letter from your college (which they will send after they’ve accepted you) and possibly even paid your deposit before a lender will accept your loan application.

That said, you should apply as soon as you know you’ll need a private student loan. You want to have plenty of time to process your application and receive an approval before your tuition is due. Many colleges have July or August payment deadlines for the fall semester, so consider applying by May or June.

Lender	Fixed Rates From (APR)	Variable Rates From (APR)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.89%+10	3.99%+10
Fixed APR: 2.89%+10 Variable APR: 3.99%+10 Min. credit score: Does not disclose Loan amount: $2,001* to $400,000 Loan terms (years): 5, 7, 10, 12, 15, 20 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: 0.25% to 1.00% automatic payment discount, 1% cash back graduation reward Eligibility: Must be a U.S. citizen or permanent resident or DACA student enrolled at least half-time in a degree-seeking program Customer service: Email, phone Soft credit check: Yes Cosigner release: After 12 on-time principal and interest payments Loan servicer: Launch Servicing, LLC
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.24%+1	4.48%+
Fixed APR: 3.24%+1 Variable APR: 4.48%+ Min. credit score: 720 Loan amount: $1,000 to $350,000 Loan terms (years): 5, 10, 15 Loan types: Any private or federal student loan Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay, loyalty Eligibility: Available in all 50 states (international students can apply with a creditworthy U.S. citizen or permanent resident cosigner) Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Firstmark Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.74%+2,3	3.89%+2,3
Fixed APR: 2.74%+2,3 Variable APR: 3.89%+2,3 Min. credit score: Does not disclose Loan amount: $1,000 up to cost of attendance Loan terms (years): 5, 8, 10, 15, 20 Repayment options: Full deferral, full monthly payment, fixed/flat repayment, interest only, immediate repayment, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: After half of the scheduled repayment term has been completed Loan servicer: College Ave Servicing LLC Learn more about cosigner release requirements. Requesting prequalified rates on Credible is free and doesn't affect your credit score. However, applying for or closing a loan will involve a hard credit pull that impacts your credit score and closing a loan will result in costs to you.
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.85%+	3.66%+
Fixed APR: 2.85%+ 11 Variable APR: 3.66%+ 11 Loan amount: $1,000 to $99,999 annually ($180,000 aggregate limit)11 Loan terms (years): 7, 10, 1511 Repayment options: Full deferral, immediate repayment, interest-only repayment, flat/full repayment, academic deferment, military deferment, forbearance, loans discharged upon death or disability Fees: None Discounts: Autopay11 Eligibility: Available to borrowers in all 50 states. Must be a U.S. citizen or permanent resident. Customer service: Phone, email Soft credit check: Yes Cosigner release: After 36 months11 Loan servicer: American Education Services Min. income: $1
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	6.0%+7	7.34%+7
Fixed APR: 6.0%+7 Variable APR: 7.34%+7 Min. credit score: 750 Loan amount: $1,000 to $200,000 Loan terms (years): 7, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, loans discharged upon death or disability Fees: Late fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident and have a minimum income of $30,000. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 36 months Loan servicer: Granite State Management & Resources (GSM&R)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	4.34%+8	6.78%+8
Fixed APR: 4.34%+8 Variable APR: 6.78%+8 Min. credit score: 670 Loan amount: $1,001 up to cost of attendance Loan terms (years): 5, 10, 15 Repayment options: Full deferral, full monthly payment, interest only, immediate repayment, academic deferment, forbearance Fees: Late fee Discounts: Autopay, reward for on-time graduation Eligibility: Must be an Indiana resident or a U.S. citizen attending an eligible Indiana school Customer service: Email, phone, chat Soft credit check: Yes Cosigner release: After 12 months Loan servicer: American Education Services
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	3.29%+	N/A
Fixed APR: 3.29%+ Variable APR: N/A Min. credit score: 670 Loan amount: $1,500 up to cost of attendance less aid Loan terms (years): 10, 15 Repayment options: Full deferral, interest only, immediate repayment, academic deferral, forbearance Fees: None Discounts: None Eligibility: Must be a U.S. citizen or permanent resident and be making satisfactory academic progress. Customer service: Email, phone Soft credit check: Yes Cosigner release: After 48 months Loan servicer: American Education Services (AES)
Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. View details	2.890%9 - 17.49%9	3.87%9 - 16.50%9
Fixed APR: 2.890%9 - 17.49%9 Variable APR: 3.87%9 - 16.50%9 Min. credit score: Does not disclose Loan amount: $1,000 up to 100% of school-certified cost of attendance Loan terms (years): 10 to 209 Repayment options: Full deferral, fixed/flat repayment, interest only, academic deferment, forbearance, loans discharged upon death or disability Fees: Late fee, non-sufficient funds (NSF) fee Discounts: Autopay Eligibility: Must be a U.S. citizen or permanent resident. Also available to non-U.S. citizen students (including DACA students) attending a school located in the U.S. who apply with a qualifying cosigner. Customer service: Phone, chat Soft credit check: Yes Cosigner release: Borrowers can apply after graduation, 12 consecutive on-time principal and interest payments, and meeting certain credit requirements. Loan servicer: Sallie Mae
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Lowest APRs reflect autopay, loyalty, and interest-only repayment discounts where available. Prequalified rates are not an offer of credit. | 10Ascent Disclosures | 1Citizens Bank Disclosures | 2,3College Ave Disclosures | 11Custom Choice Disclosures |  7EDvestinU Disclosures | 8INvestEd Disclosures | 9Sallie Mae Disclosures

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