A federal student loan takes between one and three weeks to process, whereas a private student loan takes between two and ten weeks.
Numerous college students take out student loans. Prior to receiving funds, whether from the government or a commercial lender, there is a waiting time. Federal student loans are processed differently and take longer to complete than private student loans. How long does it take on average to get a student loan? What is the average waiting time for a student loan?
To apply for federal student loans, you must first complete the FAFSA. Students may only get federal financial assistance, merit-based scholarships, and grants by completing the FAFSA. Regardless of your financial situation or whether you believe you qualify for financial help, we highly advise you to complete the FAFSA.
Usually, it takes about a week or two for the FAFSA to be processed and a customized financial aid package to be formulated. The Master Promissory Note required by the loan will contain the terms of the loan, particularly how it is repaid if you agree with the amount and terms of the loan. Upon signing this Master Promissory Note, federal student loans are disbursed.
It is usually possible to expect federal loans to be disbursed 10 days before classes start. The university may delay the distribution of funds by 30 days for first-year students and first-time borrowers. A payment period may begin on the 1st day of the month and end 30 days later.
Loans for private students
Depending on the date that your loan application is approved, you may have to wait anywhere from 2 to 10 weeks before you receive your funds. A student loan that has been approved by the school disburses funds directly to that institution. You will receive your funds directly into your personal bank account if you take a direct-to-consumer loan (or an uncertified loan).
Private student loans should be your last resort. Prior to applying for private loans, you should complete the FAFSA, apply for scholarships, and borrow from federal student loans. Student loans from private lenders tend to be more expensive and less forgiving than federal loans.
Keeping in Mind Other Things About Loans
Student loans are still required by many students, despite scholarship and grant awards. You should consider private loans if your college does not offer enough federal loans:
- Don’t feel obligated to work with a private lender. Compare interest rates and types of loans, then choose the best one for you. After graduation, your financial situation may be significantly impacted by the loan.
- Make sure that you research what you should be spending your money on before you take out a direct-to-consumer loan or an uncertified loan. You can’t spend the money on anything just because it goes straight to you. Do not spend money on anything else aside from education-related needs, such as textbooks.
- Only take out as much as you need and not anymore. Again, you have to repay the money someday.
Compare interest rates and loans from different lenders with College Raptor’s student loan Finder.
 |
| RATES (APR) 1.13% to 11.23%1 Variable 3.50% to 12.60%1 Fixed |
| Candidature Undergraduate and Graduate |
 |
| RATE (APR) 1.04% to 13.19% Variable 3.34% to 14.50% Fixed |
| Candidature Undergraduate and Graduate |
 |
| RATE (APR) 1.49% to 7.64% Variable >800 FICO 3.99% to 7.64% Fixed |
| Candidature Undergraduate and Graduate |
