Loan process page walks you through the steps you'll go through in order to get a student loan. The process for obtaining Federal Student
Loans is different from the process for obtaining Private Student Loans, Peer to Peer Loans, or
Personal Loans.
The most important student loan is the one with lowest interest rate.
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Loan Process Overview
Federal student loans will required students to apply using FAFSA Application and
students will have to follow Financial Aid Deadlines.
Peer to Peer loans and personal loans are in fact private loans as well and their loan process will be similar to Private Student Loans.
First let's tackle Federal Student Loans as they are the most common student loans for college.
Federal Student Loans
Because of their low interest rates we recommend you start with Federal Student Loans. They are also the most flexible loans when it
comes to repayment. The process for obtaining this typo of loan consists of at least five steps:
Federal Student Loan Process Steps
Private Student Loans
If you have already received all the Federal Student Loans you are eligible for and still do not have enough to pay for your
education, you can apply for Private Student Loans to borrow up to the entire cost of your education.
Private Student Loan Process Steps
Peer to Peer Loans
When you are applying for Private Student Loans you may as well apply for
Peer to Peer Loans. The difference between the two is minimal as both are actually private in a way. Sometimes
Peer to Peer Loans loans could have more flexible repayment terms as you're dealing directly with the investor. It's also possible
to strike other types of repayments with this loan.
Peer to Peer Student Loan Process Steps
Personal Loans
When you are applying for Peer to Peer Loans you may as well apply for
Personal Loans. The difference between the two is minimal as both are actually private in a way. They are both not secured
by any assets.
The process will be very similar to the loan process for Private Student Loans.
The only difference could show up in documentation for the loan and the way the loan will be serviced later on. The process for Personal Loans
has at least three steps:
Personal Student Loan Process Steps
Notes
Please note for all non federal student loans the actual loan process can vary by Student Loan Lender as they all can have
different rules and procedures.
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Student Loan Tips |
Q: Take Out Student Loans As The Last Resort
When you try to get all types of Financial Aid and you do not receive anything or if the amount of money is not enough try borrowing money by taking out loans.
Q: Use Your Grandparents
Everyone talks about parents, but very rarely do we hear Grandparents. They can take out a Loans and help you store some of the assets.
Q: Apply For Student Loans On the Same Day
We are not sure if this tip is valid, but if you have to apply for more than one student loan (different banks) do it on the same day. This will prevent the second bank to see your first loan on the credit history and it will be easier to get qualified.
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Important Questions |
Q: Am I eligible for financial aid?
Just about everyone qualifies for some type of financial aid. In fact, over 8 million students receive financial aid every year. Even if you are not a straight-A student or a star athlete,
you may be eligible for more aid than you think. To see if you meet basic eligibility requirements, take our Financial Aid Eligibility Quiz. Then, complete the Free Application for Federal Student
Aid to see how much aid you can get.
Q: Possible to get a student loan without a co-signer?
Most of the federal student loans do not need a co-signer since they are geared towards young students without long credit history. With private loans you will need a co-signer. With peer to peer
loans it will be on case by case basis. Some investors could provide a loan without a co-singer for a higher interest rate.
Q: How old do I have to be to apply or be eligible for a loan?
To be eligible for a private student loan you must be at least 18 years of age (19 in Nebraska and Alabama, 21 in Puerto Rico & Mississippi). Mississippi residents under the age of 21 may borrow with written consent from a parent or guardian.
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Every loan typo has it's own process. It's pretty straight forward. You select what you're looking for. Then you apply for that specific loan, submit documentation and wait for the answer
from the lender. Once you receive positive feedback you collect the money and pay for your college.
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