How long does FAFSA process loans of any kind? And also private student loan groups like Sallie Mae time to process as well?
FAFSA is a financial aid application. It gives your colleges information, and then they award you aid…including the loans.
Are you asking about THIS 2016-2017 school year?Did you complete a FAFSA already?
If not…get that completed and submitted to your school. NOW! Like this minute.
What year are you in college? The Direct Loan amount for freshmen is $5500.
You will need a cosigner for Sallie Mae. Of your school does those, contact the school. If not…head on over to your bank with your qualified co-signer.
ETA?..I see you DID complete the FAFSA. Was the $5500 loan included in your financial,aid package? If so, you need to complete the loan entrance counseling ONLINE…and the Master Promisory Note. Do that NOW. Once those are completed…and submitted, you college should hear quickly…I’m assuming you ACCEPTED the loan offered by the school for $5500.
Your parents could do a Parent Plus Loan…that’s another option.
At my D’s school she needed to accept the loans in her student portal by July (second year, and freshmen were encouraged to accept them by June). Then there is entrance counseling and MPN to complete online.
I think it takes several weeks for loans to process, so if you have not taken all of the offered student loans then you need to call your school and request them asap and get the required items done.
Parents can also apply for parent plus loans through the school.
From your previous posts, it looks like you start school in two weeks and you owe an additional $12k for this year. You need to contact your financial aid office about your loans in your package.
Make sure you follow @thumper1 s advice^^^^^