Applying for student loans starts with the Free Application for Federal Student Aid, known as the FAFSA. This single form determines your eligibility for federal grants, work-study, and federal student loans, and most colleges also use it to award their own financial aid. You should complete the FAFSA before exploring private loans, since federal loans typically offer lower interest rates, more flexible repayment options, and borrower protections that private lenders don’t match.
Set Up Your StudentAid.gov Account
Before you can fill out the FAFSA, you need a StudentAid.gov account. Go to StudentAid.gov and create one using your legal name and Social Security number exactly as they appear on your Social Security card. If you’re a dependent student, your parent (or stepparent, if applicable) also needs their own StudentAid.gov account. A spouse who didn’t file taxes jointly with you will need one too. Anyone required to provide information on your FAFSA is called a “contributor,” and each contributor must have a separate account. Create all accounts before you start the form so you’re not stuck waiting mid-application.
Gather Your Documents
Having the right paperwork ready makes the process much faster. Here’s what you’ll need:
- Social Security number (yours, and your parent’s if you’re a dependent student)
- Federal income tax return for the required tax year. The 2026-27 FAFSA asks for 2024 tax information.
- Bank and investment records showing current balances in checking, savings, and investment accounts, plus the net worth of any businesses or farms
- Records of child support received, if applicable
- A list of schools you’re interested in attending (you can list up to 20 on the FAFSA)
Most of your financial information gets pulled directly from the IRS when you and your contributors give consent on the form. But keep your tax return handy anyway so you can verify that the imported data looks right and answer any questions the form asks that aren’t covered by the automatic transfer.
Fill Out and Submit the FAFSA
Log in at fafsa.gov and select “Start New Form.” Choose the “Student” role when prompted. The form walks you through personal information, school selections, financial details, and dependency questions. Those dependency questions determine whether you need to include parent financial information. Generally, if you’re under 24, unmarried, not a veteran, and don’t have dependents of your own, you’re considered a dependent student for FAFSA purposes, which means a parent must contribute their section of the form.
Once you finish your portion, you can submit it. But your FAFSA isn’t considered complete until every required contributor has filled out their section, given consent for the IRS data transfer, and signed the form. If your parent needs to complete their part, they’ll receive an invitation by email. Follow up with them quickly, because the longer this sits, the closer you get to deadlines that could cost you aid.
Key Deadlines to Watch
The federal deadline for the 2026-27 FAFSA is June 30, 2027, but that’s the absolute last day, not a target. Many forms of aid are awarded on a first-come, first-served basis, so filing early gives you the best shot at the most money. The FAFSA typically opens on October 1 of the year before your academic year begins.
Your state and your college likely have their own earlier deadlines. Some state grant programs set deadlines as early as March, and once the money runs out, it’s gone regardless of whether the federal deadline is months away. Check with your state’s higher education agency and each school’s financial aid office to find their specific dates. When in doubt, submit as close to the October 1 opening as possible.
What Happens After You Submit
After your FAFSA is processed, each school you listed will receive your information and send you a financial aid offer. This offer breaks down the grants, scholarships, work-study, and loans you’re eligible for. Grants and scholarships are free money you don’t repay. Loans are borrowed money you will repay with interest.
Federal student loans come in two main types. Subsidized loans are available to undergraduate students with financial need, and the government pays the interest while you’re in school at least half-time. Unsubsidized loans are available regardless of need, but interest starts accruing immediately. You don’t have to accept the full loan amount offered. Borrow only what you need to cover the gap between your costs and your other aid.
Complete Entrance Counseling and Your Promissory Note
Accepting a federal loan on your aid offer isn’t the final step. Before your school can send the money, first-time borrowers must complete two additional requirements on StudentAid.gov.
First is entrance counseling, an online session that takes about 20 to 30 minutes. It walks you through how federal loans work, your repayment responsibilities, and what happens if you don’t repay. Second is signing a Master Promissory Note (MPN), which is your legal agreement to repay the loan. The MPN is valid for up to 10 years, so you typically only sign it once, even if you borrow additional federal loans in later school years. Both tasks can be completed at StudentAid.gov, and your school won’t disburse your loan funds until they’re done.
Applying for Private Student Loans
If federal aid doesn’t cover your full cost of attendance, private student loans from banks, credit unions, and online lenders can fill the gap. The application process is different from federal loans because private lenders evaluate you based on creditworthiness rather than financial need.
Most private lenders require a credit score of at least 640, though some set the bar at 650 or 680. If you’re an 18-year-old with little or no credit history, you’ll likely need a cosigner, typically a parent or other adult with established credit. The cosigner is equally responsible for the debt, so if you miss payments, their credit takes the hit too.
To apply, you’ll typically need your Social Security number, proof of enrollment or acceptance at an eligible school, income information (yours and your cosigner’s, if applicable), and details about your cost of attendance. Many lenders offer prequalification, which lets you check estimated rates and terms with a soft credit pull that won’t affect your credit score. This is worth doing with several lenders so you can compare offers before committing.
Private loan interest rates, repayment terms, and borrower protections vary significantly from one lender to the next. Unlike federal loans, private loans generally don’t offer income-driven repayment plans or loan forgiveness programs. Shop around and read the fine print before signing.
How Long the Process Takes
The FAFSA itself takes most people 30 to 60 minutes to complete, assuming all contributors have their accounts set up and documents ready. After submission, it typically takes a few days for the form to be processed and sent to your selected schools. Schools then take anywhere from a few weeks to a couple of months to send you a financial aid offer, depending on their own processing timelines and how close to their deadlines you filed.
Private loan applications are generally faster. Many lenders give you a credit decision within minutes of applying online, and approval to disbursement can take one to three weeks depending on the lender and your school’s certification process. Your school needs to confirm your enrollment and cost of attendance before the lender sends the funds, which adds a step that’s out of your control.
Starting early gives you the most options and the least stress. File the FAFSA as soon as it opens, review your aid offers carefully, and turn to private loans only after you’ve used up your federal options.