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How Long Does It Take to Get a Student Loan?

Taking out either federal or private student loans can take a few weeks or a few months — though private student loans might be the faster option if you need funds quickly.

Eric Rosenberg Eric Rosenberg Edited by Ashley Cox Updated September 21, 2022

Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as "Credible."

If you’re looking for financial aid to help pay for your education, you might wonder how long it takes to get a student loan. The entire process — loan application, approval, and disbursement — depends on whether you get a federal student loan or private student loan. But knowing the rough timeline to expect will help you figure out when to apply for your student loans.

Here’s how long it takes to get a student loan — and how to check on your loan’s progress while you’re waiting:

  • How long does it take to get federal student loans?
  • How long does it take to get private student loans?
  • How do I check on my loan status?
  • How long does student loan approval take?

How long does it take to get federal student loans?

From start to finish, it can take anywhere from a few weeks to a few months to get federal student loans and then to receive any extra money as a check or direct deposit from your school.

If you want federal student loans, you’ll need to start with the Free Application for Federal Student Aid (FAFSA). Once you’ve completed your application, it could take anywhere from three to five days to process.

After your application is processed, your Student Aid Report (SAR) is sent to the schools you listed on your FAFSA. You should typically receive a financial aid award letter from your school detailing your financial aid package within three weeks of submitting your FAFSA — but keep in mind that each school’s process for this is different. If you haven’t heard from your school after three weeks, it’s a good idea to contact the financial aid office.

Federal student loans are typically disbursed at the start of each term. If there are funds left over after paying for your tuition, fees, and student housing, most colleges will refund the remaining balance to you within a couple weeks of receiving your loan funds. Keep in mind that some schools add a 30-day delay to this as an added protection for first-time borrowers.

Read More: Student Loan Limits

How long does it take to get private student loans?

From the time you submit your application until you receive funds, plan on around three weeks to get a private student loan in the best-case scenario — or up to two to three months in case of delays.

Private lenders have their own rules for approving loan applications. Most of them want the application process and disbursement to be as quick and easy as possible. In many cases, you can get funds faster from private student loans than federal loans.

It’s a good idea to shop around and consider as many private student loan lenders as possible to find the right loan for you. Credible makes this easy — you can compare your rates from our partner lenders in the table below in two minutes.

LenderFixed 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.
4.62%+10 5.86%+10


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.
4.99%+1 5.1%+


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.
4.74%+2,3
4.74%+2,3

custom choice

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.
3.65%+ 5.67%+

edvestinu student loan refinance

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.
7.52%+7 6.99%+7


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.
4.37%+8 5.86%+8


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.
4.89%+ N/A


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.
4.509 - 14.83%9 5.49%9 - 15.83%9
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Once you submit your application, you could be approved for a private student loan in as little as a few minutes. But if your application requires further review, it could take up to two weeks before the lender lets you know whether you’ve been approved (or if there are other conditions you need to meet first).

Most private student loans must be certified by your school before being disbursed. This might add another couple weeks to the process. Once the loan is certified, the private lender will send funds to the school. This can take anywhere from two weeks to two months. Also expect to wait another week or two before the school will give you any leftover money to use for rent, books, or other living expenses.

Learn More: Emergency Student Loans: 4 Steps Everyone Should Know

How do I check on my loan status?

When you apply for a student loan, you might want to keep an eye on your loan status along the way.

Here’s how to check on your loan status:

  • Federal student loans: To check your FAFSA status, you can log into your FAFSA account and look at the “My FAFSA” page. If your federal loans have been approved, check with your loan servicer for the disbursement status. If you need help or have questions, you can always call or email your financial aid office for up-to-date information, too.
  • Private student loans: For private loans, contact the lender to check the loan status. Keep in mind that as you’re applying for private student loans, it’s a good idea to compare as many lenders as possible to find the right loan for you.

There are generally no restrictions on how you spend your student loan money, as long as you use it for your education and living expenses while in school. But remember that you have to pay it back, so borrow only what you really need. If you end up not needing some of your student loans, you can always pay the extra amount back right away instead of having to pay it back later.

Keep Reading: How to Get a Student Loan in 3 Easy Steps

How long does student loan approval take?

The amount of time it takes to get approved for a student loan depends on the lender, and whether you’re applying for federal or private loans.

With Credible, you can see real-time rates in minutes after submitting some basic information. Comparing rates and loan terms from multiple lenders is the best way to make sure you’re getting a loan that works for your unique situation.

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About the author
Eric Rosenberg
Eric Rosenberg

Eric Rosenberg is an expert on personal finance. His work has been featured at Business Insider, Investopedia, The Balance, The Huffington Post, MSN Money, Yahoo Finance, Mint.com and more.

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