12.02.09 | Will My School Approve My Private Student Loan?
Having good credit and a credit worthy co-signer is only half the equation when it comes to securing a private student loan for school. In addition, the school also needs to approve the amount you are requesting. But how do you know if they will approve it? There are a few basic things you should keep in mind.
Enrollment: You must be enrolled at an eligible institution to be approved and receive a private student loan. Some students try to secure the loan first, before being accepted, but this won’t work. Enrollment is verified after you submit an application as part of the loan approval process.
Eligible Institution: In most cases you must attend a Title IV certified school in order to be eligible for a private student loan. A Title IV certified school is a school that is recognized by the U.S. Secretary of Education and also offers federal grants and loans.
Amount Requested: You do not have restictions on the amount of money you can request, but the school has restictions on how much they will approve. The school will look at your Cost of Attendence (COA) and then subtract grants, scholarships, and federal loans from that total to determine how much money you need to cover your additional expenses. Keep in mind this is not an exact science and that each school can approve funds that exceed that difference. Contact your school for more details.
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Good information. It helped a lot.
December 29th, 2009 | #
very helpful
December 29th, 2009 | #
that info was helpful thanx
December 28th, 2009 | #
Thanx for the info
December 28th, 2009 | #
This is great information I hope i don’t need a student loan.
December 26th, 2009 | #
good info
December 26th, 2009 | #
This is really good info..
December 25th, 2009 | #
hmm what is a rank IV school? good info otherwise.
December 25th, 2009 | #
Thank for the informations that great to know
December 21st, 2009 | #
interesting!
December 21st, 2009 | #
That information was helpful,
December 18th, 2009 | #
oh gosh that would be horrible if it wasn’t accepted!
December 17th, 2009 | #
i needed to know this since i cant get any help from the school that i am attending.
December 16th, 2009 | #
This information will be very useful.
December 15th, 2009 | #
Thanks for the information. It was helpful!
December 14th, 2009 | #
This is good to know and nice information.
December 11th, 2009 | #
good thing to learn now
December 10th, 2009 | #
I have no co-signer and my exfiance destroyed my credit so Private student loans are of no use to me. I dont think it is fair that people are judged so harshly by their credit report when many people get their credit destroyed by making the mistake of cosigning for the wrong person. Also, you get punished for being single with no children by them setting the cut offs so low that no one could possiblly afford to support themselves without living on welfare… Instead of getting credit for trying to live a responsible lifestyle you get punished.
December 10th, 2009 | #
good to know
December 9th, 2009 | #
good information
December 9th, 2009 | #
This is good to know because i need money and when i get it I want my school to accept it.
December 9th, 2009 | #
There are certain precautions to take before accepting a private loan. I would have to review carefully. But still it can be a great help to some people.
December 8th, 2009 | #
More useful information on the private loan.
December 8th, 2009 | #
I wold not have to get a private loan butif it my last option I would get one.
December 7th, 2009 | #
Hmm, My school will receive any kind of payment for that, so yeah!
December 7th, 2009 | #
thanks I needed this
December 7th, 2009 | #
I needed this
December 7th, 2009 | #
co-signer everybody doesn’t have one is there any other way to get a loan
December 7th, 2009 | #
this information is very helpful. getting the money for college is very stressful. semester by semester, wondering if this one will be the last, because the money ran out
December 7th, 2009 | #
Great info
December 6th, 2009 | #
very good to know:)
December 5th, 2009 | #
thanks
December 4th, 2009 | #
Thanks for the info. To Gabby, it is standard school policy to let you know if (academically) you are accepted. From that point the admissions officer will go over financial options you have and a time frame to acquire and funds necessary to attend. So you should never run into a situation where a school is asking for money before letting you know you are approved to walk through the door. If you do run into such a school…keep running!!!!!!:)
December 4th, 2009 | #
Good to know.
December 4th, 2009 | #
I thinks if everyone wnats to better educate themselves they should get the fund (finanacial assitance).Especially if people are paying all this money to take the stupid entrance exam and exit exams.
December 3rd, 2009 | #
I wold not have to get a private loan butif it my last option I would get one.
December 3rd, 2009 | #
But what if you cant get in the school with out paying so you may need the loan first but k thanks.
December 3rd, 2009 | #
Glad to know their are other options.
December 3rd, 2009 | #
true
December 3rd, 2009 | #
thankyou!
December 3rd, 2009 | #
Very helpuful information. Thank you !
December 3rd, 2009 | #
Good to know!
December 2nd, 2009 | #
nice informations
December 2nd, 2009 | #