Get Answers to Private Student Loan Questions

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SUMMARY

This discussion focuses on the process of obtaining private student loans for financing a four-year college education. The user is ineligible for federal assistance and seeks advice on the timing of loan applications, interest rates, and approval timelines. Key insights include the recommendation to apply early to potentially lock in lower interest rates, the importance of consulting with the financial aid office, and the necessity of maintaining good credit before applying. Users are advised to shop around for the best loan options and to be proactive in managing their credit health.

PREREQUISITES
  • Understanding of private student loan application processes
  • Basic knowledge of credit scores and their impact on loan approval
  • Familiarity with financial aid resources and options
  • Awareness of current interest rate trends
NEXT STEPS
  • Research private student loan options and compare interest rates
  • Learn about the impact of credit scores on loan applications
  • Explore financial aid resources available at your institution
  • Investigate strategies for improving credit scores before applying
USEFUL FOR

Students transitioning from community college to a four-year institution, financial aid advisors, and anyone seeking to understand the private student loan landscape.

SELFMADE
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I have never gotten a student loan before so I have several questions that some of you might have the answers to. I'll be finishing up community college this fall and planning to enroll into 4 year school right away in spring. I need a loan to finance it. For various reasons, I am not eligible for federal assistance, so my only option is private student loans.

-Should I apply now?
-I know its almost a year earlier, but is there anything wrong in applying for it now?
-If I get approved now, will the interest rate start clocking right away?
-Let's say my class will start in Jan 2011, how early should one except the loan be approved and ready to be dispensed? (School application deadline: Oct 15, notification by Dec 15)
-How long does it usually take for a private student loan to be looked at and be given final answer?Thanks a lot!
 
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Ask the financial aid office at your school, and I'd probably also get second opinions from banks. Be sure to shop around. It can't hurt to start making some calls now. Interest rates are relatively low right now so there's a chance you could lock in a lower rate. You won't start paying interest until they write you or your school a check for the money.

Even if it turns out that you need to wait a bit, you can take steps to increase your credit between now and then too. Make sure you aren't missing any payments and don't apply for any new credit cards or anything like that. There are plenty of sites with other suggestions that you can search for too.

Good luck!
 

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