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Apply For Student Loans

Cecil Said:

When is the best time to apply for student loans?

We Answered:

you should do everything at the beginning of Jan. usually the year before you plan to start. so if your transfering in sep 08 apply jan 08 for EVERYTHING fafsa. grants and loans.

Rachel Said:

Can i apply for student loans in the middle of the school year?

We Answered:

If you have completed your application for financial aid for the current school year...then you are already in the system. Yes, you can get a loan for the spring semester....you need to start the process immediately. Also ask about any unclaimed scholarships from the school. I received $1000 being funny and asking for it!!

Marcia Said:

Do I have to apply for student loans every year or every semester?

We Answered:

If it is a government loan, like a Stafford, Perkins, or Plus loan, it is annual with dispursments at the begining of each semester. If you need to go to school during the summer, you will fill out an adendum at your school's financial aid office (check there for the deadline) and a new loan with a seperate promisary note would be issued.

Tracey Said:

When do I apply for student loans?

We Answered:

If you've completed your fafsa and have qualified for a federal student loan you should apply now. The loan rates are set by the government so they should be about the same. I suggest you choose a lender you are familiar and comfortable with, not necessarily the one your school tells you to use. You don't have to use their "preferred lenders".
Your local bank or credit union are great options.

If you are going for a private loan, interest rate should be the most deciding factor.

Anita Said:

Do you need a good credit score to apply for student loans?

We Answered:

universities.atwebpages.com - it provides some tips about applying to US federal and state grants for college students.

Steven Said:

If I apply to several student loans in one day, does it hit my credit as one hit?

We Answered:

I agree with above poster. IF you don't care what the interest rate is, why apply for more than one?

But to answer your question...
Each loan application is a separate hit. Unless you have great credit and a full time job earning good money you will need a cosigner and will have to pay "origination fees" or something similar. It is money that comes right off the top of the loan for borrowing that is in addition to the interest on the loan. So if your tuition is 2000, you will have to borrow something like 2200 to cover the 2000 bill.... your employers money wouldn't pay it off.

My advice:
Don't do a private student loan, do a federal one. You won't have your credit checked, you won't need a cosigner, there will be no prepayment penalties or loans that REQUIRE you to pay the interest anyway despite being paid off and some federal loans are subsidized.. meaning no interest will be charged while you are in school.

ALL private loans will charge you interest... from the day your school gets the money. Even if your work pays your tuition, most of the time it's not until after you finish the class and turn in your grades. Or sometimes not until AFTER you get your degree or work for them for a certain length of time and ONLY when the class is an approved class. You will be charged interest and your employer won't pay for that.

BE SURE you read the fine print of your employers reimbursement policy because it is doubtful the will pay 100 % of your tuition no matter what. What if you got into Harvard or the University of Phoenix (that costs same as Harvard)? Would they still pay 100%? Doubtful!!!

Also be aware if your employer pays for 100% tuition, they may not pay for your schools "fees" and at many schools, the fees are MORE than the tuition!!!

Don't jump into this without knowing exactly what you are getting into.
Do federal financial aid loan at http://fafsa.ed.gov

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