Can I Get Student Loans Before School Starts?

Paying for higher academics or college can be expensive. That’s why many students apply for federal or private student loans to ease their graduate school or college’s financial burden. It’s comparatively easy for students to apply and secure funds for a student loan.

Can I get student loans before school starts? The answer is a YES, but there is a twist. The thing is that you can apply for a student loan before enrolling in college or school. However, you can’t access the funds until classes start.

You have to wait for a specific period to receive the funds; the rule is more or less the same for every student loan. That’s why it’s important for students to decide when they should apply for a student loan.

In addition, as a student, you must review every loan option available. Multiple loans have different interest rates, terms, grace periods, maximum amounts, and payback options. Let’s check out which loan you should take out and when to apply for the selected one.

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Types of Student Loans

Private and federal student loans are the best options for undergraduate and graduate students. Loans drawn from private financial institutions are known as private loans. When to apply for a private student loan?

If you can’t qualify for federal student loans or borrowed your maximum amount from federal loans, you can opt for private loans. Private student loans offer higher amounts but can also charge a higher interest rate. In addition, you might not get grace periods like federal student loans.

On the other hand, you are eligible to apply for a private loan before enrolling in college. Still, you won’t receive the funds until your classes start. The borrower will directly deposit the amount into your college account. You can always return the extra money if your education doesn’t require that. This will help you pay off your student loan.

To apply for a federal student loan, you must fill out a FAFSA or Free Application for Federal Student Aid form. Ensure that you fill out the form by following all the mentioned guidelines. Remember to provide your tax information while applying for federal student loans.

Moreover, federal loans have a lower interest rate. However, your or your parent’s income detects how much you can take from the federal loan account. You can apply for a federal loan before enrolling or a year in advance as a student. Additionally, you will receive grace from the federal student loan provider before the repayment term starts.

When Should You Apply for Student Loans?

Determining the right timeline to apply for a student loan is crucial. Otherwise, you might miss the deadline. When to apply for a federal student loan? For students, it’s best to consider a federal loan first rather than opting for a private one. So, you must complete the FAFSA regulations.

If you are planning out the financing for the academic year 2023-2024, then here’s what you need to know:

The FAFSA portal opens on October 1, 2023.
The final deadline for submitting the FAFSA form is up to June 30, 2024.

You should apply to FAFSA as soon as possible. This will ensure you can grab the financial aid you are eligible for. After all, FAFSA works on a first-come, first-serve basis. However, the overall dates of FAFSA can vary from one school and state to another.

In addition, contact your school’s financial aid office for more details regarding federal student loans and other special loan deadlines. Do you need to be specific about private loan deadlines? Students can generally apply for federal loans at any time.

However, you should apply for a private loan if your academic costs exceed federal loan limits. Moreover, check out the certification and disbursement timelines to be safe. Besides this, students can also apply for loans even after school has already started.

Requirements to Apply for a Federal Student Loan

Filling out the FAFSA form and submitting it at the right time can get your loan sanctioned. Can you get student loans before school starts? Your loan will be approved but you will receive the funds only after joining classes. Federal student loans offer cheaper interest rates, so you must apply for them in October.

As a beginner, you need clarification on the requirements to apply for a federal student loan. Here are the standard eligibility requirements of FAFSA:

The student must be a U.S. citizen or an eligible resident of the country.
A valid Social Security number is mandatory for the application.
The applicant should have enrolled in an eligible college or school.

Additionally, you can’t skip the following documents if you want to apply for a federal student loan:

Parent’s Social Security Numbers, email addresses, and dates of birth
Consent from the applicant’s family member who is eligible for a tax return
Applicant’s driver’s license along with Social Security Number
W-2 Form
Federal income tax return details
Family’s investment information
Bank statements

Steps to Apply for a Private Student Loan

Can you get student loans after school starts? With private student loans, you can get financial assistance at any time if you qualify for them. However, you must directly contact lenders to get a private student loan. Don’t forget to compare different student loans from different lenders.

Rates and other factors may differ from one lender to another. For example, you can navigate Citizens, Credible, Ascent, Earnest, Education Loan Finance, LendKey, and others’ websites. Now, check out the guidelines below to find out more about what lenders are offering:

Start by visiting those mentioned above and additional lenders’ websites on your computer or any other mobile device.
After that, ensure you go through the interest rate, maximum amount, and repayment flexibility offered by each lender. List their benefits and compare them to decide on the best student loan suitable for you.
Next, you can directly apply for the selected loan through the dedicated lender website.
Don’t forget to choose the repayment type and the interest rate. Some lenders allow the applicant to add a cosigner, increasing your chances of getting the loan.

Now, the lender will ask for the required documents and check your eligibility for the applied loan. They will inform you about their decision soon.

Things to Keep in Mind…

Can I get an education loan before admission? Yes, you can, but you might not receive it in your account. However, a few considerations can act in your favor and help you manage these financial matters gently. For example, borrow the amount only you need so you can pay it more reasonably.

You can also use the loan amount for education purposes and a few additional things. For instance, you can’t use them for vacations or entertainment. Furthermore, check out when you have to start repaying the lender. Finally, your school or college might handle your loan once you agree.