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Student loan question

  • #1
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Main Question or Discussion Point

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!
 

Answers and Replies

  • #2
866
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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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