By contrast, most private lenders feature a much more streamlined application process. You can generally apply online, upload requested income documentation and get approved and funded within just a few business days.You must file the Free Application for Federal Student Aid (FAFSA) to access federal student loans. It typically takes up to an hour to complete and three to five days to process if you submit it online. The processing time for paper applications is seven to 10 business days.If you’re attending ...