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STUDENT LOANS FAQ
How does the student loan process work?
Applying for college financial aid before the school year or semester begins is the best way to go. Not only will you receive your student loans sooner, but the lag time between submitting you student loan application and receiving your financial aid is normally much less.
How do I qualify for student financial aid loans?
Almost everyone qualifies for some type of college student loans, whether through private or federal financial aid means. Many college student loan candidates also can be surprised by how much they qualify for. You can easily fill out an online loan application form to see just how much loan money can be obtained. The best advice, though, is to estimate you school expenses and don’t take anymore that what you know you will need. Often students take too much quick cash, leaving them in serious financial debt upon graduation.
Can I qualify for student loans if I or my parents have bad credit?
For a Parent Loan for an Undergraduate Student (PLUS Loans) a credit check will take place. For Private Loans there is no credit check unless there was a prior problem before in the loan process or the student is not meeting academic requirements.
Why would I want private student loans over federal student loans?
Private student loans often are available at any time during a school period. Many find it to be a faster and easier process than applying for federal financial aid. The loan money is sent directly to you and you may qualify without a cosigner. Many prefer not to have deadlines for when the need or don’t need money and private loans are great if you need more than previously estimated. You may even be eligible if your federal student loans did not cover all school expenses and you need additional funding.
How long do I get to repay my loans?
College student loan repayment can span up to 20 years depending on the amount taken.
Can I consolidate private student loans?
Yes, private consolidation loans can be used to consolidate all education related debt, including private loans for education related expenses as well as all federal student loans. With private loans, you can even consolidate a spouses loan, which with federal consolidation loans you cannot.