How to Apply for Private Student Loan

By | 01/04/2019

Private Loans

After you have taken advantage of all other available forms of

financial aid, such as grants or scholarships, you may need

supplement funding to cover the difference between your

education costs and expenses.

Private student loans are available from a variety of sources to

help cover the differences. These loans are not sponsored by

government agencies and are offered by banks or other financial

institutions so the interest rates can vary greatly. It is of your best interest to compare what is available to get the best possible loan. Investigation and research is the key. It is also wise to apply to a few different lenders at the same time. Each lender has their own credit qualification criteria. This can vary depending whether the borrower is a student or parent, or whether the loan is backed by a cosigner.

Find out if you will qualify for a private loan. Pre-approval

eliminates uncertainty up front and can save a lot of time as you

will know that you qualify and the amount you can expect to receive before you go through the full loan application process.

In some cases, you can find out if you qualify in less than 30 seconds.

Once you complete and submit your student loan application,

your school Financial Aid Office will certify your loan application and forward it to the Disbursing Agent for final approval, guarantee and disbursement. You will receive your loan funds at the beginning of each school terms.

Source by Ally Too

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