Are you worried about missing the deadline for your first college tuition bill? The key is applying for private student loans as early as possible.
Did you receive the financial aid offer from the school? Did you make your deposit? If you answered yes to both of those questions, you’re free to begin applying.
To be safe, apply for a private student loan roughly two months before the tuition due date. Most schools’ payment deadlines for the fall semester are in July or August of that academic year. That means applying in either May or June. Each school has its own tuition due date, so contact your financial aid office to find out your exact payment deadline.
Note: Don’t confuse your school’s tuition deadline with the date your deposit is due. Deposits for incoming freshmen are typically due on May 1 of that academic year.
Once you make your deposit, you’ll have received your financial aid offer from the school. Therefore, you’ll know:
That will tell you what leftover cost you need to cover through federal and/or private student loans. Once you have that amount, you can begin researching private student lenders, find the one(s) you like, and apply.
The timeline below shows the typical time frame for financial aid offers, college decision day and tuition due dates. However, always make sure to check with your college for specific key dates and deadlines.
There’s some waiting involved as your application is being reviewed. Some lenders can take months to issue their decision on your application; other lenders need just a few days. That’s why it’s best to apply as early as you can so you’ve got enough time either way.
Once you’re approved, the money can be disbursed in one of two ways:
Just like every school’s tuition deadline varies, so too do their payment preferences. The school’s financial aid office also provides this information.
For most federal and private student loans, students need to reapply every year of college. At Citizens, Multi-Year Approval† could help make the application process easier for year two and beyond. When you apply for an undergraduate, graduate or parent loan, you’ll be informed if you qualify for Multi-Year Approval. If approved, each additional year that you need loans, you can simply request additional funds with no hard credit inquiry or additional documents needed.
The biggest thing to remember is this: When you apply for a private student loan, get as ahead of the game as you can once you know how much you need to borrow.
Give yourself enough time so you’re not sweating on a decision from the lender the same week as your tuition bill’s due date. Once you have your funding secured, you can focus on enjoying the rest of summer before you or your student heads off to college.
Interested in applying for a private student loan with Citizens? Learn more about our student loan options for students and parents.
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† For additional information, please click the † symbols throughout this page to view our student lending disclosures.
Disclaimer: The information contained herein is for informational purposes only as a service to the public, and is not legal advice or a substitute for legal counsel. You should do your own research and/or contact your own legal or tax advisor for assistance with questions you may have on the information contained herein.