When to Apply for Student Loans: Deadlines, Tips, FAQ | Earnest

When to Apply for Student Loans: Deadlines, Tips, FAQ

By Corey Buhay | Published on February 24, 2026

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Student loans may be one of the most common ways to pay for rising college costs, but you may have to jump through some hoops to get them. The biggest hurdle is timing your applications just right.

Federal student loans have rigid application deadlines. If you miss them, you may have to wait a full year before applying again. Private student loans are more flexible¹, but they often have a shorter window to apply if you want your disbursement to arrive before your first semester of school starts.

Here’s everything you need to know about those windows — and when to apply for student loans to minimize your pre-semester stress.

Federal student loan deadlines

If you think you’ll need a federal student loan, the first thing you should do is fill out your FAFSA. The Free Application for Federal Student Aid is a document you submit to the U.S. Department of Education every year to determine your eligibility for financial aid. You’ll need a current FAFSA to qualify for most grants and work-study programs. It’s also the first step toward applying for federal loans.

The FAFSA usually opens on October 1 for the following academic year and closes on June 30. Since some aid programs are first-come-first-serve, it’s wise to submit your FAFSA as soon as you can.

If you’re attending college in the fall of 2025, FAFSA deadlines are as follows:

These are federal deadlines. In some cases, your state or school may require you to apply even earlier. Double-check FAFSA deadlines for your state or call your school’s financial aid office to be sure.

Private student loan deadlines

Unlike federal student loans, private student loans have no hard deadlines that borrowers need to meet to qualify. You can apply at any time.

However, to avoid late payments to your school of choice, you do need to give the lender plenty of time to disburse the funds. The timeline for getting approved for a private student loan depends on the lender, but generally you can expect it to take anywhere from a few hours to a month. Here’s what the process looks like:

  1. Fill out an application: When you’ve chosen a private student loan lender, you’ll fill out a loan application online. It can take up to two weeks for the lender to review and approve your application.
  2. Wait for enrollment confirmation: Next, your lender will double-check your enrollment status with your school to make sure you’re enrolled at least half-time. This can take seven to 10 days.
  3. Get your funds: It can take an additional one to two weeks for your lender to disburse your funds to your school.

Can I apply for student loans while I’m in school?

It’s common to run into unexpected expenses while you’re in school. The good news is that you can apply for student loans at almost any point in your college career.

If you find yourself short on tuition before the start of the school year, consider applying for federal loans. (Note that you’ll only be able to apply for federal aid while the FAFSA is open — generally between October 1 and June 30.) The money will then be disbursed to your school. This can happen either just before or several weeks after classes begin.

Unlike federal loans, private student loans — like the ones we offer at Earnest" — are available to college students as needed, including mid-semester. The disbursement will go directly to your school, usually several weeks after your loan application has been approved.

Any money in excess of tuition and fees will be returned to you for use in covering other education-related expenses, though this refund could take several weeks longer. If your expenses are truly unexpected and you need the funds sooner, you may want to consider taking out a personal loan.

Do I have to apply for student loans every year?

If you have federal loans, you will have to apply each year that you need the loan funds. That means filling out a new FAFSA form before the start of each school year.

Some private lenders, however, offer “multi-year approval.” This type of loan program allows you to complete a full application just once, at the start of your freshman year. But even if you do get pre-approved, you’ll still have to request disbursements annually. This gives the lender a chance to make sure there haven’t been any dramatic changes to your financial situation before they lend you the next year’s money.

Can I apply for student loans before I’m accepted to college?

You can apply for federal student loans as soon as the FAFSA opens on October 1, whether or not you’ve been accepted to any colleges yet. Because some grants are awarded on a first-come, first-served basis, it’s recommended that you fill out your FAFSA as soon as possible after this date.

Unlike the federal government, most private lenders require proof of enrollment or a copy of your college’s financial award letter before they’ll approve you for a loan. So, if you’re relying on private loans, you’ll have to wait to apply until after you’ve committed to a college or university. It’s best to apply for private loans in May or June so you have plenty of time for the money to come in before your first semester’s tuition is due.

How to apply for student loans

Once you’ve decided what kind of loans you need, it’s time to fill out your applications. Here’s how to navigate each type.

Applying for federal student loans

Federal student loans are one of the most popular ways to fund a higher education. With federal loans, you could qualify for loan forgiveness, deferment, and other federal protections. (However, loan limits tend to be lower.) Here’s how to apply.

1. Gather documents

To streamline your application process, gather the following before you sit down to apply:

2. Create an FSA ID

Next create an account at studentaid.gov to get an FSA ID number. You’ll need this to complete the Free Application for Federal Student Aid (FAFSA).

3. Complete the FAFSA

Next, fill out the FAFSA online. Once you’re done, you’ll receive a Student Aid Report (SAR). This financial summary will include your Student Aid Index (SAI), a measure of your estimated financial need.

4. Compare financial aid offers

The federal government will forward your SAR to the schools on your list. Each school will then send you a financial aid award letter detailing the financial aid package they can offer. This letter may include details on the following federal loan types:

Once you have all your financial aid offers, compare them to help you make your decision.

5. Sign a promissory note

When you’ve chosen a school and decided how much federal financial aid to accept, finalize your loans by signing your Master Promissory Note (MPN). This is a promise to pay back your loans according to the stated terms. You can do this through your FSA account.

Applying for private student loans

You can borrow private student loans from banks, credit unions, and online lenders. Many are available with or without a cosigner and tend to offer high loan limits. The application process involves the following steps.

1. Check your credit score

Most private lenders use your credit history, credit score, and other financial benchmarks to determine how much they’ll lend you — and at what interest rate. Often, you’ll need a credit score in the “good” range to qualify for private student loans, and a score in the “great” range to qualify for a lender’s best rates. Learn where you stand by pulling your credit report for free at annualcreditreport.com.

2. Determine how much you need

First calculate how much money you’ll need to cover your total cost of attendance. Subtract any gifts, grants, scholarships, and federal financial aid. The remainder is what you’ll likely want to ask for in private loans.

3. Shop around

Different private lenders offer different loan amounts, repayment terms, and customer service quality. They may also have different eligibility requirements. Research several different lenders and compare interest rates, monthly payment amounts, and loan terms for each.

4. Get prequalified

Once you’ve found a lender you like, get prequalified. This step uses your basic financial information to give you a better estimate of how much your loan will cost you personally. With Earnest, prequalification only involves a soft credit check, which won’t affect your credit score.

5. Gather documents

If you like your prequalification quote, start a formal application. It’s best to only apply for loans you’re serious about, since this step involves a hard credit inquiry, which can affect your credit score. To apply, you may need:

6. Submit your application

Most lenders allow you to apply online. Double-check all your information before submitting.

7. Sign a promissory note

If your lender approves your application, you’ll receive a formal loan offer with your actual interest rate and terms. Consider these carefully. If you accept, you’ll need to sign a promissory note, which says you agree to the stated terms.

8. Receive funds

Your lender will disburse your loan funds straight to your school. If there’s money left after tuition or fees, you’ll receive the remainder to your bank account via direct deposit or check.

Learn more about Earnest student loans

If you’re shopping around for student loans, it’s important to consider multiple lenders to make sure you’re getting the best deal for your financial situation. Earnest offers flexible repayment options, no fees, low rates, and a nine-month grace period — much higher than the six-month standard offered by other lenders.

Want to learn more? Find out what you could be eligible for by using our rate calculator. It’s fast, free, and won’t affect your credit score.

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About the Author

Corey Buhay

Corey Buhay is a writer and editor based in Boulder, Colorado. She’s passionate about literature, the outdoors, and doing her taxes by hand. She has been writing about student loans and personal finance for Earnest since 2019. You’ll find her work in Outside Magazine, Backpacker Magazine, Smithsonian, and The Denver Post.

Disclaimer

This blog post provides personal finance educational information, and it is not intended to provide legal, financial, or tax advice.