Credible
Get Rates
  • Refinance Student Loans
    • Compare Options
      • Best Refinancing Companies
      • Lender Reviews
      • Refinance Student Loans
      • Student Loan Consolidation
    • Learn the Basics
      • Fixed vs. Variable Rates
      • Forgiveness Programs
      • Consolidation vs Refinancing
      • Repayment Plans
      • More on Student Refi
    • How to
      • Consolidate Your Student Loans
      • Pay Off Your Student Loans
      • Lower Your Interest Rate
    • Tools
      • Current Student Loan Refi Rates
      • Refinancing Calculator
      • Repayment Calculator
      • Student Loan Score Calculator
  • Student Loans
    • Compare Options
      • Private Student Loans
      • Parent Student Loans
      • Law School Loans
      • Medical School Loans
      • Graduate Student Loans
    • Learn the Basics
      • Student Loan Limits
      • Living Expenses
      • Applying for FAFSA
      • Federal Student Loans
      • Student Loan Interest Rates
      • More on Student Loans
    • How To
      • Pay for College
      • Take Out Student Loans
      • Apply Without Cosigner
      • Apply for Student Loans
      • Pay for Grad School
    • Tools
      • Best Private Student Loans
      • Current Student Loan Rates
      • Student Loan Interest Calculator: Estimate Payments
      • Lender Reviews
  • Personal Loans
    • Compare Options
      • Best Personal Loan Lenders
      • Lender Reviews
      • Get Personal Loan Rates
    • Learn the Basics
      • How to Qualify
      • How to Get a Loan
      • Where to Get a Loan
      • Personal Loans with Cosigner
      • Pay Off Credit Card Debt
      • More on Personal Loans
    • Best for
      • Credit Card Consolidation
      • Debt Consolidation Loans
      • Home Improvement Loans
      • Good Credit
      • Fair Credit
      • Bad Credit
    • Tools
      • Current Personal Loan Rates
      • Personal Loan Calculator
  • Mortgages
    • Compare Options
      • Mortgage Refinance
      • Home Loan
      • Best Mortgage Refinance Companies
      • Best Mortgage Lenders
      • Mortgage Preapproval
      • Mortgage Payment Calculator
    • Compare Rates
      • Mortgage Refinance Rates
      • 30-Year Fixed Refinance Rates
      • 15-Year Fixed Refinance Rates
      • Home Loan Rates
      • 15-Year Fixed Mortgage Rates
      • 30-Year Fixed Mortgage Rates
    • Learn the Basics
      • How to Buy a House
      • How to Refinance Your Mortgage
      • How to Get the Best Rate
      • Cash-Out Refinancing
      • More on Home Loans and Refi
    • Pay Off Mortgage
      • Home Equity to Pay Off Debt
      • Paying Off Mortgage Early
      • Mortgage Refinance Cost
  • Insurance
    • Insurance Products
      • Insurance Products
      • Learn more about home insurance
    • Compare Options
      • Compare Insurance Quotes
      • Home Insurance Guide
    • Learn the Basics
      • What Home Insurance Covers
      • How Much Home Insurance You Need
      • Estimate Your Home Replacement Cost
      • How to Change Home Insurance
  • Company
    • About
    • Reviews
    • Blog
    • Lenders
    • Editorial Guidelines
    • FAQs
    • Press
  • Find My Rate
Advertiser Disclosure

When You Should Apply for a Student Loan for Fall 2022

Federal student loans have strict application deadlines. Private student loans can be applied for at any time — including mid-semester.

Eric Rosenberg Eric Rosenberg Edited by Jared Hughes Updated August 4, 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."

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. 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 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.

2023-24 deadlines

  • FAFSA opens: Oct. 1, 2023
  • Final deadline: June 30, 2024

2022-2023 deadlines

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

2021-2022 deadlines

  • FAFSA opened: Oct. 1, 2020
  • Final deadline: June 30, 2020

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 2022-2023 academic year was March 2, 2022. That’s a full year before the last federal deadline. Be sure to check your state’s FAFSA deadline.

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 student 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 the school.
  3. Disbursement: Most private student loans are disbursed at the start of the semester. The funds are typically sent directly to your school, which takes out 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 as early as possible to avoid last-minute delays.

You also want to give yourself enough time to compare as many lenders as possible to find the best loan for you. With Credible, you can see rates from multiple lenders in as little as three minutes — without affecting your credit score.

Compare student loan rates from top lenders

  • Multiple lenders compete to get you the best rate
  • Get actual rates, not estimated ones
  • Finance almost any degree

See Your Rates
Checking rates will not affect your credit

Trustpilot

You can still apply for student loans after school has started

While federal student loans have rigid deadlines, you can apply for private student loans at any time of the year, even mid-semester.

For example, if you took out enough in 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.

If you haven’t already, you can apply for federal student loans until the deadline at the end of June. Applying late can limit your options depending on your state or school’s deadlines. If you need federal student loans, it’s best to apply as soon as possible.

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 opens on Oct. 1 of the calendar year before the academic year you’ll be starting. Most colleges don’t announce acceptance decisions that early.

Keep in mind: It’s a good idea to complete the FAFSA as soon as possible since some aid might be awarded on a first-come, first-served basis.

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 possible after you’re accepted and 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. Most colleges have July or August payment deadlines for the fall semester. So it’s probably a good idea to apply in May or June.

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.

Read More

Home » All » Student Loans » When You Should Apply for a Student Loan for Fall 2022

Student Loan Basics


  • How to Qualify for a Student Loan
  • When to Apply for a Student Loan
  • How to Apply for Student Loans
  • How to Apply for FAFSA

Choosing a Student Loan

  • Types of Student Loans
  • Federal vs. Private Student Loans
  • Subsidized vs. Unsubsidized Loans
  • Parent Plus Loans vs. Private Student Loans

Tools and Resources

  • Find a Private Student Loan
  • Best Private Student Loans
  • Average Cost of College
  • Current Student Loan Rates
  • Find a Student Loan Cosigner
  • Lender Reviews
  • Student Loan Calculator

  • Click to share on Facebook (Opens in new window)
  • Click to share on LinkedIn (Opens in new window)
  • Click to share on Twitter (Opens in new window)
  • Click to email a link to a friend (Opens in new window)

Related Articles

Student Loans

Graduate Student Loan Limits: How Much Can You Get?

Student Loans

5 Benefits of Federal Student Loans Over Private Loans

Student Loans

How to Apply for Student Loans

  • Read More
    • Refi Student Loans
    • In School Loans
    • Personal Loans
    • Mortgages
    • Insurance
  • Resources
    • Lender Reviews
    • Loan Calculators
    • Student Loan Score Calculator
    • Data Insights
    • Debt Statistics
    • Sitemap
  • Compare
    • Student Loan Refinance
      • Current Student Loan Refi Rates
    • Student Loan Consolidation
    • Private Student Loans
      • Current Student Loan Rates
    • Personal Loans
      • Current Personal Loan Rates
    • Refinance Mortgage
      • Mortgage Refinance Rates
        • 15-Year Fixed Refinance Rates
        • 30-Year Fixed Refinance Rates
    • Home Loans
      • Home Loan Rates
        • 15-Year Fixed Mortgage Rates
        • 30-Year Fixed Mortgage Rates
    • Insurance
  • Top Lenders
    • Best Student Loan Refi Companies
    • Best Private Student Loans
    • Best Personal Loans
    • Best Mortgage Lenders
    • Best Mortgage Refinance Companies
  • Company
    • About
    • Reviews
    • Blog
    • Editorial Staff
    • Editorial Guidelines
    • News
    • Press
  • Legal
    • Terms of Use
    • Privacy Policy

© 2023 Credible


Credible Operations, Inc. NMLS ID# 1681276 | NMLS Consumer Access | Licenses and Disclosures
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.