In general, you can take as much time as you need to decide on the student loan that's right for you. When to borrow depends on when you need the type of loan you need:

Private Student Loans

For private student loans, it’s best to apply early so that you can avoid any unexpected confusion or delays. We suggest giving yourself at least 30 days before the start of the semester to be safe, but be sure to contact your financial aid office to learn more about accessing your funds.

Student Loan Refinance

For student loan refinancing, you can apply as soon as you're ready to secure a new loan with new terms. The refinancing process generally happens within a few days, but always check with your lender(s).

*Note: the lenders on the Sparrow platform update their rates regularly and if you wait too long, the rates that you see when you first applied on Sparrow may differ from the rates that you see when you apply directly with the lender.

To avoid any rate discrepancy, just resubmit your Sparrow application when you're ready to borrow. You can submit a Sparrow application as many times as you'd like without impacting your credit score.

Your rates are not finalized until you have officially submitted a loan request through one of our lending partners.