Traditional Student Loan Application Process & Timeline

It's important to understand that the application and disbursement process for a Private Student Loan will take several weeks from start to finish. Below is a snapshot of the typical timeline. Note that times may vary and are often dependent upon the borrower or school.

Private Student Loan Process Amount of Time
1. Complete Application Dependent on student and cosigner, if applicable
2. Review of Application 2 business days
3. Certification by School Approximately 10 business days
4. Approval of Truth in Lending Disclosure Dependent on student, must be returned in 30 days or less
5. Completion of Final Truth in Lending Disclosure and Right of Rescission Period 7 business days
6. Funds Received and Processed by School 7-12 business days
  1. Complete Application

    The student and cosigner, if applicable, each need to complete and sign the application. If there is a cosigner on the application, the cosigner will need to create his/her own User ID and password and choose a signature option. The student and cosigner can choose to electronically sign or can print, sign and mail the paper documents. The borrower and cosigner can also log back into the website at any time to check the status.

  2. Review of Application

    Once an application is signed by the student and cosigner, if applicable, it will be reviewed and processed within 48 hours. Notification will be sent to the student and cosigner once the application is processed. The student and cosigner can also log back into the website to check on the status of the application.

  3. Certification by School

    After an application is approved, the student's school will be notified of the loan amount being requested. The school will verify the amount the student borrower is eligible to borrow and tell us when to send the loan funds. Loans will not be granted for more than the verified amount received from the school.

  4. Approval of Truth in Lending Disclosure

    After the school certifies a loan, we are required to provide the student borrower an Approval Truth in Lending disclosure. A notice will be sent when the disclosure is ready and advise the student borrower to go to our website. The student borrower must review and accept the Approval Truth in Lending disclosure before the loan will be disbursed. The Approval disclosure is good for 30 days. If the disclosure is not accepted within 30 days, the application will expire and no funds will be disbursed.

  5. Completion of Final Truth in Lending Disclosure and Right of Rescission Period

    After the Approval Truth in Lending disclosure has been accepted by the student borrower, we are required to provide a final Truth in Lending statement. The final disclosure confirms the rate, the amount of the loan and the end cost of the loan, among other things. We are required to give this to each student borrower, and it will be provided 4 business days prior to the first disbursement.

    After the Final Truth in Lending disclosure is provided, the student borrower has a 3-day Right of Rescission. This means the student borrower has three days to cancel the loan. We cannot disburse any loan funds until the Right of Rescission period has passed.

  6. Funds Received and Processed by School

    After the Right of Rescission expires, it will take at least 2 business days for the school to receive the loan funds and 1-2 weeks for the school to process those funds. This may vary by school.
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