Step 4 : Apply. Apply online You'll need to create a student finance account if you're a new student or sign into an existing account if you're a returning student. Step 5 : Update your details if your circumstances change. For example if you: change your course through clearing change where you're going to live - for example with your parents instead of halls Find out how to update your application. Step 6 : Make sure you can be paid. Use your student finance account to: update your bank details - for example if you open a student account check how much you'll be paid check when you'll be paid Sign in to your student finance account.
Step 7 : Check what to do while you're studying. Check how to update your details Find out what to do if you suspend or leave your course. Step 8 : Check what to do when you stop studying. Sign in to your student loan repayment account Update your employment details. Step 9 : Repay your loan. Is this page useful? Maybe Yes this page is useful No this page is not useful.
Thank you for your feedback. Report a problem with this page. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS , is referred to here as "Credible. The entire process — loan application, approval, and disbursement — depends on whether you get a federal student loan or private student loan.
But knowing the rough timeline to expect will help you figure out when to apply for your student loans. From start to finish, it can take anywhere from a few weeks to a few months to get federal student loans and then to receive any extra money as a check or direct deposit from your school. Federal student loans are typically disbursed at the start of each term. If there are funds left over after paying for your tuition, fees, and student housing, most colleges will refund the remaining balance to you within a couple of weeks of receiving your loan funds.
Keep in mind that some schools add a day delay to this as an added protection for first-time borrowers. From the time you submit your application until you receive funds, plan on around three weeks to get a private student loan in the best-case scenario — or up to two to three months in case of delays.
The reason for the separate deadlines is that your FAFSA form qualifies you for more than one type of financial aid. Grants, scholarships, federal work-study, and federal student loans are all part of the federal aid program. This type of student aid can be awarded by the federal government, by your state, or by your school.
Keep in mind that states and individual colleges and universities have their own unique deadlines to be considered for financial aid. Private lenders have more flexibility when it comes to issuing loans and setting deadlines for applying for student loans. In fact, in many cases you can apply for a private student loan at any time throughout the year.
Then you can inquire with private lenders about how long their individual application, approval, and loan disbursement processes will take. Keep in mind that while some private student loans can be approved in minutes, there could be a secondary review process or unforeseen holdups that arise.
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.
Some states and schools require you to apply earlier than the federal deadline. Unlike federal student loans, you can apply for private student loans at any time. Give yourself plenty of time before tuition is due to apply for a private student loan and for the funds to be disbursed.
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.
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.
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