I'm considering taking out a $5k student loan for one year of living expenses since I want to move out of my parent's house and live closer to school. Although I currently have a job, I'll need a little financial help to pay for my living expenses and I think taking out a student loan would best solve that problem.
I'm really interested in this one apartment, but I'll need to move in within 2-3 weeks if I sign the lease. However, I don't how long it'll take for Bank of America to process the student loan application and send me the loan amount, so I'm hesitant about signing the lease right now. I mean, I wouldn't want to sign a lease, hoping that the bank will send me the loan right away so I could pay the rent, but then in reality it takes them 6 weeks... which means I'd be screwed when the time comes to pay the rent.
So...do any of you guys have any idea about how long it typically takes a bank to process a student loan?
I'm really interested in this one apartment, but I'll need to move in within 2-3 weeks if I sign the lease. However, I don't how long it'll take for Bank of America to process the student loan application and send me the loan amount, so I'm hesitant about signing the lease right now. I mean, I wouldn't want to sign a lease, hoping that the bank will send me the loan right away so I could pay the rent, but then in reality it takes them 6 weeks... which means I'd be screwed when the time comes to pay the rent.
So...do any of you guys have any idea about how long it typically takes a bank to process a student loan?
