When Can I Apply for Student Loans?
Student loans make it possible for you to finance college, even if you don't have the means to pay for your tuition at the time of registration. If you think your family cannot afford to pay for college, apply for federal financial aid first and then look for other sources. You need to reapply for loans each year, ideally early in the calendar year in which the school year begins.
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Earliest Date
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To apply for federal student loans, you must submit the Free Application for Federal Student Aid. The earliest date on which you can submit the FAFSA is January 1 of the year in which the school year begins. For example, if you're applying for loans for the 2012 to 2013 school year, you can submit the FAFSA as early as January 1, 2012. Submitting as early as possible gives you a better chance of receiving all types of aid for which you qualify, rather than missing out on aid because it ran out before you submitted your application.
Latest Date
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You cannot submit the FAFSA after the federal deadline of June 30 of the year in which the school year ends. For example, for the 2012 to 2013 school year, you must submit the FAFSA by June 30, 2013. Some states offer student loans, and each state sets its own application deadline. Usually, the state deadline is before the school year begins. Although you can receive federal student loans after the school year started, it's most advantageous to obtain them before your first tuition check is due.
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Private Student Loans
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Since private loans generally have less favorable terms than federal student loans, you should wait until after your school has notified you of your financial aid package before applying. Most schools send financial aid award notifications between March and May of the year in which the school year begins. If your financial aid package doesn't include enough aid for your situation, apply for private student loans with banks or other lenders. You can apply for private loans at any time. Therefore, if you run out of money mid-year, apply for loans to help pay for the next semester.
Considerations
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You should only take out student loans if you need them to pay for your education. They are the least desirable type of financial aid because you have to repay them after you finish school. Therefore, apply for as many grants and scholarships as you can find and only take loans if you need them. Another way to avoid loans is to work during the summers and have a part-time job during the school year to help pay for college costs.
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