How Long Does It Take to Be Approved for a Student Loan?

BIG Ideas:

• The timeline for student loan approval depends on the type of loan (federal or private) and when you apply.
• Even after approval, funds aren’t released until your college certifies the loan, which can add time.
• Applying early, submitting accurate information, and responding quickly to documentation requests can help prevent delays. 

If you’re planning on attending college, chances are you’ll need financial help to cover tuition, room and board, books, and other education-related costs.

That’s the whole point of student loans.

But when you apply for a student loan, you may have lots of questions, not the least of which is: How long does it take to get a student loan? Or, more specifically, how long does it take to get student loans when you’re trying to pay for college?

The answer isn’t the same for everyone. How long it takes to be approved for a student loan depends on the type of loan you’re applying for, when you apply, and how quickly loan certification happens.

To understand what that means, you must understand the two categories of student loans: federal student loans and private student loans.

Federal vs. Private Student Loans: What’s the Difference?

Federal student loans, which are loans offered by the federal government, are designed to make higher education more manageable for students and families. These loans come with built-in benefits and borrower protections.

Private student loans, in contrast, are offered by banks, credit unions, and other private lenders. They are often used to help bridge the gap where federal loans, grants, and other financial aid leave off.

Before you can fully answer how long it takes to get a loan for college, it helps to understand how each loan type works.

Understanding Federal Student Loans

The first step in applying for federal student loans is completing the Free Application for Federal Student Aid (FAFSA). This application determines your eligibility not only for federal student loans but also for grants, work-study programs, and some state and school-based aid that can make college more affordable. Who doesn’t like the sound of that?

Federal student loans come with several advantages over private loans, including:

• Fixed interest rates that will ensure your monthly payments stay the same. Private loans can be variable or fixed.
• Borrower protections, such as income-driven repayment plans, as well as deferment or forbearance options if you experience financial hardship.
• Eligibility for loan forgiveness.

Another major difference between federal and private student loans is that federal loans do not require a credit check or a co-signer for most borrowers. However, they are subject to annual and lifetime borrowing limits. Because of those limits, federal aid may not fully cover your school’s total cost of attendance. When that happens, you may need a private loan.

Understanding Private Student Loans

Private student loans can help make up the difference where federal loans, grants, and other aid leave off. Unlike federal loans, private student loans are based on your credit and income. Because many students have limited credit history, a co-signer is often required to qualify or to receive a lower interest rate.

Private loans don’t offer the same borrower protections as federal loans, but they can be an important tool to help you make college possible.

So now that you know the difference, let’s answer that all-important question: how long does it take to get student loans?

How Long Does it Take to Get a Student Loan From the Federal Government?

Federal student loan timelines depend, in large part, on when you submit your FAFSA and how quickly your school processes financial aid packages. Once you complete the FAFSA, it may take one to two weeks for the application to be processed. At that point, the schools you include on your FAFSA will prepare financial aid award letters, which show the aid you may be eligible to receive. The process can take several weeks to a few months, depending on timing.

How Long Does it Take to Get a Loan for College From a Private Lender?

With private student loans, timelines can vary even more. For example, some lenders will issue a conditional approval in minutes. However, that doesn’t mean the loan proceeds are immediately available to you. The lender will then review your credit and that of your co-signer (if you have one), as well as verify your income.

In general, how long does it take to get student loans from a private lender? The short answer is a few days to several weeks. If a co-signer is involved, it can take longer.

How Loan Certification Impacts How Long to Get a Student Loan

There’s an additional step in the student loan process that you need to be aware of that can impact approval time: loan certification. Essentially, certification is when your college/university confirms your enrollment status, field of study, cost of attendance, and the aid you’re eligible to receive to ensure you are not borrowing more than you need and are using funds appropriately.

For federal student loans, certification happens automatically after you complete the FAFSA and accept your financial aid package. Certification can take a few days to several weeks, depending on the school’s processing timeline. Once certified, federal loan funds are scheduled to be disbursed directly to the school, usually at the beginning of the academic term. 

Private loan certification can be a little more involved. After you apply and receive conditional approval from a private lender, the lender sends a certification request to your school. The school then verifies enrollment, cost of attendance, and the aid you’ve already received.

Some schools process certifications on set schedules, which can delay approval. Certification can take anywhere from three weeks to three months. As with federal loans, once it is complete, private loan funds are typically sent directly to the school, not to you.

Ways to Ensure Your Student Loan Gets Processed Sooner

There are steps you can take to shorten how long it takes to get a loan for college:

• Make sure your application is complete and accurate.
• Submit all required documentation promptly.
• Respond quickly to lender or school requests.
• Submit your FAFSA as early as possible.
• Choose a reputable private lender with clear timelines.
• Apply early so you understand your school’s certification schedule.

Planning ahead can make a significant difference in how long it takes to get student loans and ensure you’re ready when school starts.

Brazos is Here to Help You Get the Loan You Need for College

For more than 40 years, Brazos Higher Education has helped make college more affordable for students. As a Texas nonprofit, Brazos offers competitive rates designed to help families borrow responsibly and save money over time. Contact us to learn more.