How long does it take to get a student loan?

Federal student loans have a lot of benefits, but speed isn’t one of them — the application and disbursement process can take several months.

The newest version of the FAFSA is available annually on October 1 for the following school year. While the federal deadline gives you more than 18 months to submit it, many states and colleges set earlier deadlines. In addition, some financial aid is awarded on a first-come, first-serve basis, so it’s wise to complete the FAFSA as close to the October 1 opening date as possible.

Getting the funds into your bank account can take even longer. Near the start of each term, your school will first apply your loan money to your tuition and fees. Any amount that’s left over will be distributed to you to use for other education expenses. Your financial aid office can give you a more precise disbursement schedule, as each school has a different policy.

Generally, it takes about four to six weeks to finalize a private loan, so start the process a few months before your tuition is due. This will give lenders ample time to review your application and make a decision on the loan.

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