The loan market has become a tacky industry with too many lenders, plenty of loans and stern conditions! In fact, the phase of loan application and reimbursement is easier said than done. If you have borrowed a student loan successfully, you will definitely find the phase of repayment difficult. This is because the loan’s monthly payments will collide with your future and day-to-day budget.
However, many students cannot dream of higher education without a student loan debt. To secure their future, they should get hold of funds from various service providers. So, how long would it take to get a student loan? Are you breaking your head with this question? If yes, read on!
A lengthy process
To secure a student loan as quickly as possible, you should make a flawless application. Unfortunately, many applications get rejected due to various glitches. Always bear in mind that even an application that is placed without any flaws is prone to face many problems and abrupt delays. It would take several months for a student loan application to be processed and approved.
A tacky process
If you want the monetary assistance during your first semester, you must apply at least three months before the student enrolment period. The application process starts with you filling the Free Application Federal Student Aid form. Conversely, you should come in touch with the educational institute to know more about the program’s tuition and on-campus grants. Every year you should reapply and renew the loan!
A complicated process
The actual loan duration is determined by many factors. Prime factors would include the tuition fee, your financial need and the number of semesters you wish to receive the loan. If your degree program is offered by a very expensive college, you must be prepared to apply for at least a dozen loans. The entire application process should be structured and organized carefully. Don’t lose documents, forge statements or misplace important details anywhere. To make the processes extremely secure, you should have a hard copy of all important documents in a dedicated place.
A structured process
If the student loan gets approved, you must wait for few more weeks! This is an intentional delay caused by the lender. According to successful borrowers, the balance will be disbursed after three or four weeks. Based on the loan’s actual terms and conditions, the balance amount will be credited into the educational institution’s account or transferred into your bank account. You should approach your lender for more details regarding this!
A systematic process
Generally, colleges prefer direct funding from the financing institution. If your lender agrees to transfer loan funds to the school, the balance payment will be done in 30-days after approval. The small delay is framed to weed-out candidates who drop-out from their courses.
On the whole, the student loan application process is a lengthy one! You must be prepared to wait patiently till the final status of your application reaches you. Remember that this duration will differ from lender to lender, loan to loan and course to course.