Student Loans For 2013

Q: I am not planning on going to college until spring semester (of 2013), and I am wondering since I am not going to be attending in fall, if it is too early for me to be looking at student loans for 2013. Also if I need both private student loans for 2013 and federal student loans for 2013, is there a different deadline or timeline for each type of loan?

A: If you are planning to begin college at spring semester of 2013 it is not too early to start looking at financial aid options. You will first need to file a FAFSA to be eligible to receive federal student loans for 2013. FAFSA is not required per semester, but rather for the entire school year, so you will need to apply for the 2012-2013 School Year (July 1st, 2010 – June 30th, 2013). Keep in mind your FAFSA (web application) must be submitted by midnight Central Daylight time on June 30, 2013, but with FAFSA the earlier the better, so file this as soon as possible.

Once you see what you will be receiving from federal financial aid, you can then determine if you will need to supplement with private student loans. If you need private student loans for 2013, you can start researching your options well before the start of the semester to ensure you find the private student loan that best fits your needs. However, there are no “deadlines” for private student loans, the way that there are for federal student loans.