Not everyone can afford their students directly, which is why student loans are there to support your academics. However, you should learn everything about student loans ahead of time to avoid last-minute surprises. Also, the first step is to determine how long do student loans take to process so that you plan everything accordingly.
The process varies on different factors and there’s a few steps involved. But don’t worry, it sounds overwhelming at first but as you move forward, you’ll figure out everything easily. First, you need to know about these certain factors of the process
Do Private Lenders Approve Loans Quickly?
If you compare private lenders to government lenders, the answer is simple: yes, they approve the loans sooner and the process is fairly simplified. Their pay-back policies are also different from government loan providers, with minimal complications. In many cases, you can get funds faster from private student loans than from federal loans.
The first step for you is to search around reliable and trustworthy private lenders and go through their policies to find out which one is most suitable for you. Also, you must confirm the loan installments and duration for paying it back.
How Long Should I Wait After Submitting Application?
After you’ve submitted your application to a private lender, it could take only a few hours to get approved. However, if your application is incomplete or needs further review, it could take one to two weeks for approval. Or your lender will let you know what requirements you need to complete in order to get approval.
Once everything is sorted, you can expect your loan to arrive in a month or a maximum of two. Remember that lenders do not hand over the money. Instead, they pay it directly to your submitted institute.
How Do I Check on My Loan Status?
After submitting the application to the lender, you must check your loan status regularly. Here’s how to do it:
Federal Student Loans: To check your FAFSA status, log in to your account, and look at the “My FAFSA” page. You’ll be able to see your application status over here. In case of further queries or concerns, you can call or email your financial aid office for up-to-date information.
Private Student Loans: This one’s easy to check because there’s no middleman, and you can contact them directly. To check your loan status, you can reach out to their representative and ask way. The loans are usually cleared on the same day or within 1 week. That’s possible only if your lender is competitive and knows to pull strings.
Advance Paycheck Online To Your Rescue!
If you don’t want your studies to suffer amidst the financial chaos, you must plan everything ahead of time. If you’ve decided to opt for private lenders, we know one that’s best for your loans. Advance Paycheck Online is one of the leading private lenders that approves same-day loan applications, especially for students. They don’t want any student to suffer because of financial hurdles.
