Are you ready to begin taking your education seriously? If so, there is a good chance that you want to go to a nearby university or college. This is definitely a good idea. The only problem here is that a lot of people do not have the money needed to fund their higher education. That can be a very big problem. Thankfully, there is one viable solution to the problem. You just need to obtain a student loan.
So, how long does it generally take to get a student loan? This question is going to be answered in the guide below.
Your FAFSA Application
First and foremost, you should attempt to get Federal Student Aid. After all, the United States Department of Education offers federal student loans. Going with a federal loan is generally better than attempting to obtain a private loan. To get started, you’ll need to fill out and submit the Free Application for Federal Student Aid or FAFSA. It is going to take a few days for this application to arrive if you send it by mail. After that, it will normally take anywhere from one to three weeks to get the application processed. If you are eligible, you’ll receive a financial aid package within a short period of time.
If you agree and sign a Master Promissory Note, the fund will be disbursed. Usually, you will receive the funds within 10 days of the first day of school. There may be delays for those attempting to borrow money for the very first time.
Getting A Private Loan
Some people prefer obtaining a loan from a private lender. This is certainly one viable option. Just remember that this method comes with some minor cons. One of the most notable cons is the fact that all lenders are different. Some can get the loan delivered in a short period of time. With others, it is going to take a much longer period of time. This process will be much longer in general. After all, you’ll have to analyze all of the lenders and choose the one that is best for you. Then, you’ll need to submit the application and wait it out. A private lendor can help you obtain the money much quicker. Still, there are some lenders that are going to drag things out.
The disbursement time will normally depend on several factors. It might take online to get direct to consumer loan than a school certified loan. Either way, you should remain patient. It will take a few weeks to get your money. 10 weeks is really the worst case scenario.
At the end of the day, it can take a very long time to get the money that you’re after. With that being said, you should definitely take your time and start as early as possible. After all, you know when your classes are going to start and you want to make sure that your money is going to be there for you. Start early to avoid potential problems.