Student loan is a kind of blessing for all students who want to make big in their career without the constant worry to arrange for financial sources. To make full use of student loans it’s important to know what all is involved in its processing to make it a hassle free process. Now Student loans come in two forms: Federal loans and Private loans. Both have different methods of applying which are explained below. As Bruce Mesnekoff , CEO of The Student Loan Help Center and Author of Many books had told us it’s good to know about student Loan processing.
Let’s Discuss with Bruce Mesnekoff today about Federal and Private Loan Processing.
Federal Student Loan Processing
Students have to first fill out the FAFSA application i.e. is Free Application for Federal Student Aid at studentloans.gov. The results of the application will be sent to the list of schools selected on FAFSA. Students also need to keep a tab on SAR score i.e. Student Aid Report which is sent within few weeks after sending application. You can make necessary changes on SAR and then return the same to the appropriate address. It is also sent to the schools you listed.
The school will then check your eligibility and you will be sent the financial aid award letter which will include the type of aid you will receive. Post this you have to sign MPN (Master Promissory Note) after thoroughly going through it. After all this is done you will receive loan applied to student account from school.
Private Loan Processing
The most important step for private loan processing is to consider all the available options and compare their rates and terms including repayment options, fees etc. Your school’s aid office can come for help here to guide you. After understanding your best option, submit application and go through a credit check. You should also consider adding a cosigner to increase your chances of loan approval in addition of lower interest rates. As per Bruce Mesnekoff A writer of well known THE ULTIMATE GUIDE TO STUDENT LOAN and CEO of Student Loan Help Center Private Loan can be more beneficial than federal at some critical time period in life.
The following step is to sign Promissory note and complete self-certification form. Accept the loan terms and you will receive loan applied to student account from school.
For More Information Contact Bruce Mesnekoff on LinkedIn