Your Student Loan: Why it Pays to Apply Early

Applying for a loan is always stressful, except when you’re a student.  When you’re about to attend university, getting your funding is part of the excitement of it all.  There are a few different ways that people get funding for their university career but, if you’re applying for it from the government, moving fast is advisable.

Why Now?

There are basically three types of funding available to students, not counting that which comes from private sources.  You can get grants, bursaries and loans.  For most people, the majority of the funding they use for their studies will come from loans.  This means that they have to make sure that they apply in time as, during the later months of summer and fall, the window closes for having your loan funded in time for school.

Types of Loans

Loans allow you to either pay for your tuition or to pay for your living expenses while you’re at university.  When you’re heading to university for the semester, you don’t want to be worried that your loan hasn’t come through in time to accommodate both of these needs.

Applying in the fall means that there will be a long delay between the time you make the application and the time when it is funded.  The government recommends applying by May 31 for the fall semester of the same calendar year.  This gives you the greatest chance of having your loan funded by the time you’re ready to head off to school for the semester and means that you won’t have to worry about delays.

How to Make Decisions

You can apply for a loan even if you don’t know where you’re attending university.  Don’t let the stress of waiting for acceptance put you off from applying for your loan.  The sooner you take care of the application the more likely you’ll be to get the funding from the Student Loans Company.

A Note on the Size of the Loan

Your student loan will, in all likelihood, be one of the largest you ever take out.  You’ll probably be paying it off for a good portion of your life but it’s also one of the most valuable purchases you’ll ever make.  If you don’t plan out the process, however, it won’t do you much good, so be sure you do apply for this financing by the May 31 deadline when the Student Loan Corporation can assure that you’ll receive your funding in time.

If you’re applying for bursaries or grants, the same applies.  Grants require means testing, so be sure that you allow enough time for this process to be completed, in addition to the time it takes to get the funding for a standard loan. 

Provided that you’re ahead of the game in this regard, you should have no trouble getting the funding you need to head off to university and to get your educational career off to a great start.  The need to apply by the deadline is particularly a concern for those who are attending their first year of study.