Before applying for a private student loan, make sure you have thoroughly exhausted all sources of free and low-cost financial aid (such as scholarships, grants and federal direct student loans). While the process may seem daunting, planning carefully and researching all of your options can save you thousands!
You may apply for student loans anytime during an academic year. For example, you can apply for a student loan for the 2018-2019 academic year anytime between the beginning of June 2018 and June 2019. So yes, you may apply for a student loan in the middle of the year.
The right time to apply also depends on when you need funding. If you need funds for the fall semester, complete your applications in early summer (around the middle of July). If you need funds for the spring semester, complete your applications in early winter (around the middle of October).