When do you need to apply for a federal student loan?

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    Team StellarFi

    Federal student loan applications have strict deadlines. Hence, it is a good idea to apply for them as soon as possible. This way, you’ll give enough time for the funds to be disbursed as well, avoiding stressful situations in case there are unforeseen delays in releasing the funds.

    You need to first complete the Free Application for Federal Student Aid (FAFSA) to apply for a federal loan. Applications for the following academic year typically open on Oct. 1 and close by June 30 the next year (if applications for the academic year 2023-24 opened in October 2022, the deadline for student loan applications is June 30, 2024). But for 2024-25, FAFSA will be available only in December 2023. The deadline for the applications has not yet been set. 

    Complete the form as soon as possible to get all the financial aid you qualify for. Some financial aid covers only a part of your school costs and may be given on a first-come-first-served basis. Some schools and states may also have deadlines for many state and institutional financial aid programs earlier than the federal ones.

    You can also apply for federal student loans after you start school for additional funds. The only conditions are that you should not have reached your borrowing limit and that you are still within the June application deadline. Since you would have already submitted the FAFSA, you may be eligible for immediate additional loans. However, since you are applying mid-year, or later in the application period, you may have limited options.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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