How do I decide whether I should apply for a semester or a full year?

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Last Updated: June 30, 2022

A loan can cover any upcoming academic period (i.e. Fall, Summer), a single semester, a full academic year, as well as loans for prior terms.

Borrowing for the full academic year saves you time, only requires one credit inquiry, and simplifies the process. You'll lock in your rate. Plus, interest won't be charged on any money until it's sent to the school.

During the school certification process, your school will confirm that your loan amount won’t exceed the maximum cost of attendance for the time period requested, and they set the date(s) that they want to receive loan funds.

If you’re borrowing to cover more than one semester (or quarter), your loan funds will likely be sent in multiple disbursements and you won’t be charged interest on any money until it is sent to the school.

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