The pressure on university students today can be eased by applying for student loans, which are widely chosen. Let's talk about how long it'll take to apply for a student loan in 2024

How long does it take to approve a student loan of 2024

The process of approving seed loans requires about 7 to 15 working days. You know, this is in two steps. As a first step, when applying for an initial loan, the student and his/her co-applicant are required to go to the student support administration at the domicile. The financial authorities there will conduct a loan review of the students, and once the review is passed, they will enter into a contract with the students and issue a “admissibility certificate”. The second step was for students to report to the school with this “admissibility certificate”, which was then submitted by the school's Student Finance Department for e-respondence by 10 October. Once the e-reciprocation has been reviewed, there is no problem before the loan can really start。

That is the beginning of the talk about the length of the loan, and we generally recommend a choice of 10 years. There are two main reasons for this. First, during the course of their education, the student was effectively entitled to interest-free loans during the course of his or her studies, owing to the interest rate charged by the State budget. Secondly, the first three years after graduation are the grace period for repayment, i.e., during which only the principal of the loan is to be repaid, without any interest, and after these three years the loan begins to accrue interest。