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When to Apply for Student Loans (2022 Edition)

When is the best time to apply for student loans in 2022? You can submit a Free Application for Federal Student Funding (FAFSA®) form between Oct. 1, 2020, and 11:59 p.m. Central time (CT) on June 30, 2022, to be eligible for federal student aid for the 2021–22 award year. 

There are severe application deadlines for federal student loans. Private student loans are available at any time, even in the middle of a semester.

Here are the dates and deadlines for applying for student loans:

What Deadlines Do I Need to Remember for Student Loans?

The student loan procedure requires you, your family, your lender, and your school to all participate.

Even while this may be sped up, anything like your school verifying your loan could cause it to take longer.

Furthermore, certain regulatory periods are mandated by law and cannot be lowered.

It’s critical to receive your student loan sooner rather than later due to the presence of elements beyond your control.

The last thing you want to do is wait until the last minute and then have an unanticipated delay causing problems with your enrollment status at your school owing to a payment not being received.

Take care of it as soon as possible to avoid problems.

More: Can You Pay Student Loans With Your Credit Card?

Student Loan Deadlines: Federal vs. Private

The federal deadline for completing the FAFSA for the school year 2021-2022 is June 30, 2022.

When is the FAFSA for the 2022-2023 Academic Year open? The FAFSA for the 2022-2023 academic year started on October 1, 2021, and the deadline is June 30, 2023.

We highly suggest you complete the FAFSA as soon as possible since certain financial aid is granted on a first-come, first-served basis.

Remember that different states, universities, and institutions have different deadlines for applying for financial aid.

When to Apply For Federal Student Loans

To apply for a federal student loan, first fill out the Free Application for Federal Student Aid (FAFSA) from the Department of Education, then fulfill one of three deadlines:

  • The government’s federal student loan deadline
  • Your state’s deadline for federal student loans
  • Your school’s deadline for federal student loans

Because your FAFSA form qualifies you for many types of financial help, distinct deadlines are necessary. 

Federal help includes grants, scholarships, and federal student loans. The federal government, your state, or your institution may all offer this form of financial assistance.

It’s critical that you double-check with your school’s financial aid office, as well as the Department of Education’s FAFSA main page, to ensure that you’re on track to meet the earliest needed deadline for the sort of federal help you’ll require.

In the case of private student lenders, they will often accept your application in a matter of minutes.

However, if your application requires extra processing, it might take up to 2 weeks to be approved.

Before you get your money, you’ll have to go through a few more steps. Here’s a quick rundown of the private student loan timeline:

  1. Private student loans do not have a set application date. However, if you already know your expenditures will exceed federal loan restrictions, it’s a good idea to apply well ahead of time. This offers you more time to consider your alternatives and select the best loan for you.
  2. Before your funds are disbursed, the private student loan lender will work with your institution to authenticate your enrollment status, cost of attendance, and other facts. This might be a short procedure, but it’s always a good idea to plan for delays. Depending on the school, the certification procedure takes around 7 to 10 days.
  3. The vast majority of private student loans are disbursed at the start of each semester. The money is normally transferred straight to your school, which deducts tuition and fees. You will get any remaining funds to cover expenses such as lodging and books.

Frenqaly Asked Questions