Deadline For Private Student Loan Applications

Q: I was wondering what is the deadline for private student loan applications? I have already submitted my FAFSA and am now looking at private student loans to cover the rest of my college expenses. Is there a general deadline for private student loan applications or is it deadline specific for each private student loan lender?

A: Unlike FAFSA or federal student loans for college, there is no “encompassing” deadline for private student loan applications. Since private student loans are privately funded loans based on credit, you do have the flexibility to apply for these loans whenever you would like.

Just because there is no deadline for private student loan applications, does not mean that you should wait to begin researching different loans from different lenders. You will want to make certain to compare some different private student loan lenders and the loans they offer, to ensure you are getting the best deal and rate possible. If you are lacking credit, or have poor credit, be prepared to have a cosigner for your private student loans. Since private student loans are based on credit, it will be difficult for you to qualify for these loans if you have poor or little credit (without the help of a creditworthy cosigner). Since private student loan rates, terms and requirements will differ from lender to lender, you must contact the private student loan lender for all specific questions.