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Process Timeline for Private Student Loans
Due to recent regulation changes, it is important to understand that the process for applying and receiving a Private Student Loan has changed and will take several weeks from start to finish.
Application and Supporting Documents
This can take anywhere from one day to several weeks, depending on how quickly you complete the requested information.
Processing
Once all of the documents have been signed by you and your cosigner, if applicable, your application is processed within 48 hours.
School Certification
After your application is approved, your school will be notified of the loan amount you are requesting. Your school will then verify the amount you're eligible to borrow and tell us when to send your loan funds.
Disbursing of Loan Funds
After the school certifies your loan amount, you will be provided a final Truth in Lending statement that will tell you your rate, the amount of the loan and the end cost of the loan. We are required to provide this to you at least 3 business days prior to your first disbursement.
You then have a 3-day Right of Rescission. This means you can contact us during this time if you wish to cancel your loan. We cannot disburse any loan funds until your Right of Rescission period has passed. After the Right of Rescission expires, it will take at least 2 business days for your school to receive the loan funds and at least a week for your school to process those funds.
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