When To Apply for Student Loans

There are different deadlines for federal and private student loans, and knowing these can be crucial to securing the funding you need for your education. 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.

Federal student loan deadlines

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

The FAFSA typically opens October 1 for the following academic year, but the 2024-25 FAFSA won’t be available until December 2023. It’s a good idea to complete the FAFSA as early as possible so you can get all of the financial aid you may be eligible for.

Also keep in mind that some aid is finite and awarded 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: June 30, 2025

2023-24 deadlines

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

Important: 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 2023-24 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.

Private student loan deadlines

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 some 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 lender disburses your funds, they’ll typically 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 seven 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 living expenses and books.

From start to finish, it can take up to a month or longer to get a private student loan. While these loans are often approved quickly, it’s a good idea to apply early to avoid last-minute delays.