How long for sallie mae loan to process

When certification is received, and after the right to cancel period has expired, your student loan is ready to be disbursed. Occasionally student loan refunds are issued to students if there are funds left over after college costs have been paid.

Keep in mind, these funds are still part of your loan and you will need to pay them back. Here are a couple ways to manage your refund:. Use the money for education expenses Purchase the books, technology, and other education expenses. Learn where to find and apply for college grants, a need-based form of financial aid for college that doesn't have to be paid back. Students are 4X more likely to be approved when applying with a cosigner. Pro tip: Taking out a student loan, even with a cosigner, and making on-time payments can help you build your own credit history.

Pro tip: Wondering how much money you should take out? Your lender wants to see if you and your cosigner if you have one are good credit risks i. Every lender has specific criteria that they look for—this can include a particular credit score range, outstanding debts, income, and more. How quickly the money is sent disbursed to the school depends on several factors, including when the school is notified by the lender and after that, how long it takes your school to process the certification.

After your loan is certified, the lender will give you a Final Disclosure. Hang on to it. You may need the info later. Disbursing sending your loan to your school After your school certifies your loan, and after the right-to-cancel period of the Final Disclosure expires, your lender and your school may work together to set the dates that funds will be disbursed sent to your school.

The remaining funds may be sent to you or handled some other way by the school—check with your school about its policy. Related topics. We usually provide a credit result when you and your cosigner if applicable submit your application. But there might be cases where our credit specialists will ask you for additional information or documentation before they can make a decision.

Then you or your cosigner will accept the terms of your loan and sign it electronically. Next, we'll ask your school to certify your eligibility, including enrollment verification and loan amount. How long does it take to get private student loans? How do I check on my loan status? How long does it take to get federal student loans? Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team.

The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. Compare student loan rates from top lenders Multiple lenders compete to get you the best rate Get actual rates, not estimated ones Finance almost any degree See Your Rates Checking rates will not affect your credit Trustpilot.

Private Student Loans Subsidized vs. Unsubsidized Loans Parent Plus Loans vs. Compare rates without affecting your credit score.