A student loan is fast and efficient educational assistance offered to students in colleges and universities. There are numerous public and private funding institutions that offer and accommodate student loan applications for all purposes. Some student loans are funded by the federal government, while the rest are funded by private financial institutions.
Student loans come with lower interest rates compared to other loans, purely because student loans
are means for the student to financially survive college.
The period on how long it takes to get a student loan take variaies depending on the institution disbursing the loan,
the availability of funds and the urgency of the need.
The period as to how long it takes for a student to get the loan depends on the institution and university where the student
is enrolled or intending to enroll, and the policies of the school.
Student loans are available all year round. However for urgent and immediate needs, some student loans may not come, be approved
or released on time. The top three federal loans awarded to needy students and their parents are Stafford, Perkins, and Plus loans.
These federal loans are usually applied for personally by the students or the parents. The application, especially if it is to be utilized for enrollment fees, should be made earlier, before the enrollment period starts, because it usually take 2-3 weeks to process and wait for the availability of funds before the amount loaned is endorsed (via check) to the university where the student is studying. July (final exams payment) and September (enrollment money) are usually the months where the student financial office assistance is flooded with student loan applications. To avoid delays in receiving the amount applied for, students are best advised to file their loans at least 1 month before the time they are expecting to need the amount applied for. These are for the federally funded assistance. Some universities have fixed scheduling or periods of disbursements that the student applicant is informed of ahead of time. An alternative for a student in dire need of money with only 5-7 days before the need arises can consider applying loans from reputable private lending institutions, although the interest would be relatively higher than the interest imposed upon federal granted loans. Some financial providers process applications and release the money in less than 3 days, while most online lending institutions offer a fast and guaranteed 1 day application of student loans. Furthermore, the availability of funds for student loan applications will slightly vary on account of the urgency of the need. There are instances when a company is accommodating voluminous amounts of loans and the contingent action taken is to line up the most onerous allocations of the borrowers and the determination will be based on who needs the funding the most. Student loans are offered to secure the education of a worthy student. Student loans are guarantees to ease the troubling mind of the parent unable to produce the financial support at the time when it is needed.