Here\u2019s when to apply for both federal and private student loans:<\/b><\/p>\n <\/a><\/p>\n For most borrowers, it\u2019s best to apply for federal student loans<\/a> first when planning for college costs. The first step in taking out federal student loans is to complete the FAFSA<\/a>, or Free Application for Federal Student Aid.<\/p>\n The FAFSA typically opens October 1 for the following academic year, however the 2024-25 FAFSA won’t be available until December. It\u2019s a good idea to complete the FAFSA as early as possible so you can get all of the financial aid you qualify for.<\/p>\n Also keep in mind that some aid is finite and given on a first-come, first-served basis \u2014 so be sure to submit the FAFSA as soon as you can, especially if you have high financial need.<\/p>\n Some states and schools require you to apply earlier than the federal deadline. For example, California\u2019s deadline for many state financial aid programs for the 2023-2024 academic year was March 2, 2023. That\u2019s more than a full year before the last federal deadline.<\/p>\n Be sure to check your state\u2019s FAFSA deadline<\/a> and plan ahead. You can also contact your school\u2019s financial aid office to check what specific deadlines you\u2019ll need to meet.<\/p>\n <\/a><\/p>\n Unlike federal student loans, you can apply for private student loans<\/a> at any time \u2014 but you don\u2019t want to wait until the last minute. Give yourself plenty of time before tuition is due<\/a> to apply for a private student loan and for the funds to be disbursed. This way, you won\u2019t have to worry about missing a payment if there are any delays.<\/p>\n 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\u2019ll get your funds. Here\u2019s a brief look at the timeline for private student loans:<\/p>\n From start to finish, it can take up to a month to get a private student loan. While the best private student loans<\/a> are often approved quickly, apply early to avoid last-minute delays.<\/p>\n See Your Rates<\/a> <\/p>\n <\/p>\n<\/div><\/div>\n <\/a><\/p>\n For both federal and private loans, it’s possible to get more funding even after the semester has begun.<\/p>\n As long as you have already submitted the FAFSA, you may be eligible for additional federal loans immediately \u2014 assuming you haven’t hit your borrowing limits yet. Log in to your account at Federal Student Aid<\/a> to see what available funds you may have remaining.<\/p>\n If you haven\u2019t 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\u2019s deadlines. Your school’s financial aid office can also help you find extra money you may qualify for.<\/p>\n 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.<\/p>\n Keep reading:<\/i><\/b> Summer Financial Aid and Student Loans for Summer School<\/a><\/p>\n <\/a><\/p>\n For federal student loans, you can \u2014 and in many cases, should \u2014 apply before you get accepted to school. That\u2019s because the FAFSA typically opens on Oct. 1 of the calendar year before the academic year you\u2019ll be starting. Because most colleges don\u2019t announce acceptance decisions that early, the FAFSA allows you to add up to 10 schools, all of which will receive your necessary financial information.<\/p>\n Private student loans work a bit differently. Generally, you\u2019ll need to have received a financial aid award letter from your college (which they will send after they\u2019ve accepted you) and possibly even paid your deposit before a lender will accept your loan application.<\/p>\n That said, you should apply as soon as you know you\u2019ll 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.<\/p>\n\n\n
Deadlines for federal student loans<\/h2>\n
2024-25 deadlines<\/h3>\n
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2023-2024 deadlines<\/h3>\n
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2022-2023 deadlines<\/h3>\n
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Deadlines for private student loans<\/h2>\n
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\nChecking rates will not affect your credit<\/small><\/p>\nYou can still apply for student loans after school has started<\/h2>\n
Can you apply for student loans before being accepted?<\/h2>\n
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