Knowing when to apply for student loans is integral to the financial aid process. Most educational institutions have specific deadlines for submitting the Free Application for Federal Student Aid (FAFSA). And while you can apply for private loans anytime, it’s best to do so before starting school.
In this article, we’ll explain when to apply for federal and private student loans and share several mistakes to avoid during the application process.
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We recommend applying for federal student loans and financial aid before turning to private student loans. There are a few reasons for this:
To apply for federal student loans, you must complete the FAFSA. Filling out the FAFSA enables your school to consider you for federal student loans, grants, work-study programs, scholarships, and more. More than 70% of all undergraduates receive financial aid.
The table below lists the FAFSA deadlines for federal student loans and financial aid. However, it’s best to complete the FAFSA as early as possible. Most educational institutions have a set amount of aid to distribute each year, and it’s usually awarded on a first-come, first-serve basis.
Academic year | FAFSA opens on | FAFSA deadline |
2023 – 2024 | October 1, 2022 | June 30, 2024 |
2024 – 2025 | December 31, 2023 | June 30, 2025 |
2025 – 2026 | October 1, 2024 (expected) | June 30, 2026 |
If you want to be considered for scholarships, submitting your FAFSA on the earliest date possible is even more important. Most colleges consider students for scholarships as officials receive applications, so it’s wise to be in the first batch.
In addition, each state has its own FAFSA deadlines. In Ohio, for example, you must submit your application by October 1, 2024. In Pennsylvania, first-time applicants have an August 1, 2024, deadline, and all other applicants must apply by June 1, 2024.
Knowing each state’s deadline is important, especially if you’re applying to schools in multiple states. We recommend checking with your college’s financial aid office to determine their preferred due dates.
If you’re an international student or don’t have a Social Security number (SSN), you aren’t eligible for federal financial aid. Other times, you might apply for federal student loans, but they don’t cover all of your education costs. This is when you might apply for private student loans.
While there are no set deadlines like with federal student loans and aid, it is best to apply for private student loans two to three months before school begins. This ensures you can be approved and funds can be disbursed in plenty of time for the start of the academic year.
Take the time to research lenders by evaluating the terms, repayment schedules, whether or not it requires a cosigner, and the payment options while you’re a student. Also, find out whether or not your lender offers deferment options while you’re in school and after graduating.
Private student loans are not eligible for student loan forgiveness programs like federal student loans, so take your time comparing options to ensure you can affordably make your student loan payments when you leave school.
While fall is the most common time for students to begin school, you may be considering starting school in the spring or even summer. In this case, federal student loan application due dates might differ if you start school in the spring or summer.
It’s still best to apply for private student loans two to three months before the start of your semester.
Here is a general look at the federal financial aid deadlines by semester.
Semester | Deadline |
Fall | June 30 |
Spring | Varies by state |
Summer | Same as fall/spring |
Students must fill out the FAFSA before enrolling to be considered for financial aid. The FAFSA typically opens on October 1 every year and closes on June 30. However, the earlier you fill out the FAFSA, the better.
It’s typical for schools to give students at least two student loan disbursements per school year. Disbursements usually happen at the beginning of the fall semester and at the beginning of the spring semester.
If you plan to attend school for the entire year, you only have to fill out the FAFSA once to be considered for aid for the fall and spring. If you only enroll for the spring semester, you will get one disbursement. However, you can still borrow up to the maximum federal loan amount annually.
Check with your school to find out the FAFSA spring deadline. Some states list spring deadlines. However, most colleges and universities set their own due dates, so it’s a good idea to contact yours first.
Here are some states that list spring semester deadlines:
Many colleges consider the summer semester part of the school year preceding it, so FAFSA deadlines for summer financial aid are often the same as fall and spring semester deadlines.
However, if you plan to take summer courses, it’s best to contact your school to ensure you’re completing the financial aid applications correctly.
If you’ve already maxed out your aid for the year, you’ll have to find other funding options for the summer, such as private student loans. Another option is to work a part-time job in the summer to pay for classes.
If you’ve received Federal Pell Grants, it’s possible you can receive an additional grant to fund summer classes.
There are several factors you should consider when applying for your student loans. Remember that your school financial aid office is your best source of information on all student aid topics at your institution.
Here’s a list of considerations when you’re preparing your student loan applications.
You should avoid a couple of things when applying for student loans. These mistakes could cause you not to get student aid for the school year or cost you thousands if you use private student loans.
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