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Applying For A Student Loan
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Eileen Said:When do I have to start applying for a student loan for uni?
We Answered:The form you need to apply (PN1) is expected to be at local authorities in late Feb, you can either contact them direct and they'll post you a form or you can download one or apply online at www.studentfinancedirect.co.uk
The deadline (depending on what type of support you're applying for) isn't until the end of June however the sooner you get your form in the quicker you'll have a decision. The standard turnaround time is about 6 weeks however if you leave it until last minute you may find you won't get your decision until just before you go which will leave you with little time to prepare. Also be aware that a high percentage of forms have errors or queries on them which can delay the process if yours is't received until late.
Many local authories post the forms out direct to schools/colleges and carry out presentations. If your's does then go along as the form can be quite daunting. If you have any questions try the website listed above or give your local authority a call.
If you have any other questions post them on here and i'll try to help.
Enrique Said:When applying for a student loan do they consider how much you have in savings?
The answer to this question depends on what type of loan you are applying for. If you are applying for a Stafford Loan, through the government's Federal Student Aid program, the lender will not consider any of your financial circumstances in making the loan. Your income is irrelevant, your credit history (good, bad, or non-existent) is irrelevant, and you will never be asked to provide a cosigner on the loan. That's why the Stafford lending program is so great.
If you're wondering how that can be - it's very simple. The lenders don't care about your finances, because the federal government has promised to guarantee your loan. If you can't pay the lender, the government will. No risk - no worries.
If you're applying for one of the very, very rare "private" or "alternative" loans that are still being made right now, then the lender will apply a conservative, traditional lending analysis to your loan. They will evaluate your income and your assets, and they will look at your credit history, in order to determine whether you have a good record of repaying your debts. If you're like most young people, and you have little or no credit history, it is very unlikely that a lender is going to trust you with ten or fifteen thousand dollars of their money. Like most student borrowers, the chances are good that the lender will insist that you provide a cosigner, before they'll approve your loan.
A few comments about "how much you qualify for":
The Stafford loan program has an annual limit. Dependent students can borrow up to $5500 as freshmen, $6500 as sophomores and $7500 as juniors and seniors.
Alternative loan eligibility is also capped, but in another way. Your maximum borrowing ability is limited to the amount of your Cost of Attendance that is not covered by any other forms of aid or cash that your school expects to receive on your behalf. Cost of Attendance, a financial aid term, includes tuition, fees, books, room and board, and other miscellaneous education-related expenses. If you look around the financial aid page of your school's website, you will find their published Cost of Attendance figures.
I hope that information helped. By the way, the lender will not be particularly interested in your mom and dad's financial circumstances - they're not the borrowers, and unless they cosign the loan, the lender will not be able to turn to your parents for repayment. The bank doesn't care if your dad is Bill Gates, because he's not going to be the one that they're going to have to try to get their money from when the loan becomes due.
Laurie Said:How does one go about applying for a student loan?
We Answered:I've looked into being a helicopter pilot and couldnt afford it. I think it would be a good idea to apply to the school and then get a loan. If you get the loan first, how will you know how much to get out?
Jo Said:What are the advantages and disavantages of apply for a Student loan for College ?
We Answered:It's good, it means you don't have to pay for college until you're done.
You'll have some payments to make but not much, not the chunk of it.
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