College is an exciting time, but it is also an expensive one. The goal may have once been to cover the tuition with scholarships, but that is a goal that many fail to make. That is why student loans exist. Applying for loans can be nerve-wracking for anyone, so here are some tips that can help to make the process a little easier.
A College Loan Application is a lot like any other type of loan. You will need to disclose all of your personal information including any assets or income. It is important to bring everything you have for paper documentation regarding all of this information. If your credit history is limited, having a cosigner with great credit can help to improve your chances of approval as well as improve the terms once the loan is approved.
Your loan request is not going to be approved if you are uncertain about the amount of money you will need. Bring all of your information regarding your annual tuition as well as the cost for dorm fees, lab fees and books. If you have already filled out your FAFSA forms for Federal Student Aid, then you should have available a letter from the college about what the expected annual cost is per student.
Understand all of the options available from your lending institution regarding student loans before you submit your College Loan Application. For example, some of the loans available from Pearl Harbor Federal Credit Union can be arranged to allow students to begin repaying the loan prior to graduation. They also offer loans that have fixed rate and variable interest rates, along with many that offer discounts and credits for superior credit ratings. Being aware of these options and making an educated choice can save borrowers a substantial amount of money over the course of the loan.
Your loan officer understands that this can be a confusing and frustrating time for the student and the parents. They are always happy to help, so make certain to ask a lot of questions and double check all of your information to prevent any errors that could lead to delays.