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Student Loan Applications

Glen Said:

When is it TOO late to withdraw your student loan application ?

We Answered:

It's TOO LATE when they already approve the student loan!!!! Withdraw now while you still have the chance!!!!

Tonya Said:

What happens after your student loan application has been approved?

We Answered:

You should talk to your school's financial aid office if you're worried. I wouldn't be too concerned, though. They usually don't give you the money until right before the semester starts.

Clara Said:

What do you do when you make a mistake on your student loan application?

We Answered:

You call, e-mail, or write them and tell them the situation. You do NOT want to get your Title IV money screwed up.

Theodore Said:

How long can you leave student loan application for courses starting in Sep 09?

We Answered:

if you want it for the start of the year apply asap. but if like me you worked hard over your summers and got savings you can just apply for it when needed.

in scotland anyway they backdate it so you get a large sum of money if you leave it off.


Krist

Chris Said:

Sallie mae taking forever to process my student loan?

We Answered:

Have you discussed with your FAO regarding the missing information?

Sometimes the schools send information for many students at one time and only report one a week, two week, etc. So your FAO might be sitting on the information. Believe me, with a government -backed loan, the quicker they get the money out, the faster they can collect interest.

Once your information is received and processed the loan distribution is quick.

There are a few loans every semester that are distributed late and schools understand this and usually let you stay at your dorm and deduct the fees once your loan is sent to the school.

I would visit, not call your FAO, and nicely ask if they received all the information from you so that the application can be processed.

FYI, Sallie Mae is a great company and are very helpful, especially when you start paying the loan back. As long as you keep in contact with them, letting them know of your address changes and so forth, you will discover that they bend over backwards to help.

Dolores Said:

mortgage and student loan applications simultaneously?

We Answered:

I can't speak for the student loan underwriter specifically, but I can tell you that in general, applying for a mortgage shouldn't effect your chances of getting another loan. You get unlimited hard pulls on your credit report frim mortgage lenders for one month--they only count as one pull. One pull should not have a negative impact on your credit score.

Good luck!

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