Private Student Loan FAQs

Private Loan Benefits:

• Borrow up to the true cost of your education
  
• Fast eSignature process

Whose credit history is checked for loan approval, the co-signer's or the borrower's?

If a borrower is applying for a private student loan with a co-signer, both credit histories are checked. For borrower's applying for a graduate private loan, the co-signer is optional, so only the borrower's credit will be checked. If the borrower elects to add a co-signer, both credit histories are checked.

If I obtained a loan last year, do I have to reapply again this year?

Yes. You must reapply each academic year.

When is the best time to apply for a loan?

You should apply for a loan as soon as you have received your acceptance letter from the school you plan to attend. However, you can apply for private student loans at any time during your college education.

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Is E-Signiature an option for private student loan applications?

Yes - you can E-Sign your private student loan application. We recommend having your co-signer and reference information available when you apply to help speed up the process. If you choose not to E-Sign your application, you will have the option to sign a paper application.

Is the information I gave on my online application protected?

We employ a multi-layered approach to ensuring the security of your personal information.

As an applicant, do I need to have a Social Security number to apply for a loan?

The borrower and any co-signer are required to have a valid Social Security number.

Do I need to be accepted to a school before I can get a loan?

You must be enrolled at an eligible institution to be approved for and receive a loan. Enrollment is verified after you submit an application, as part of the loan approval process.

How long does it take to get the loan check after I am approved?

This depends a great deal on how quickly the borrower and cosigner sign and mail their loan documents and also on how quickly the school certifies the loan. Once both are complete, the funds will be disbursed to the school. The actual timing of disbursement coincides with the start date for the enrollment/loan period, and usually is dictated by the school's financial aid officer.

If an applicant receives grants or scholarships, does this affect the amount that can be borrowed through the Lender?

Your school's financial aid officer determines your school's Cost of Attendance (COA). Grants and scholarships are subtracted from this total. You can use a School-Certified Student Loan to pay for the difference.

If the borrower has other loans, does this affect the amount that can be borrowed through the Lender?

The financial aid officer determines the total financial aid package for each student based on FAFSA. The financial aid officer calculates the student's unmet financial need by using the Cost of Attendance (COA) and deducting from this figure the Expected Family Contribution (EFC) and any grants, scholarships, and federal loans the student will be receiving for the current enrollment period. Since the Student Loan Network contacts the financial aid officer for certification of the loan amount requested, the financial aid officer can increase or decrease the loan amount based on the COA calculation.

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Is there any other paperwork I need to complete after my loan is approved?

After your loan approval, if you have not eSigned your application, you will need to sign and return the Promissory Note and any other information that might be requested.

If I am conditionally approved, will I automatically be approved for a loan?

Not necessarily, however, most applicants who are conditionally approved will be approved for a loan provided the student's enrollment is verified for at least a half-time basis and all necessary documents are returned. If your application is not approved, you will receive a letter explaining why. At that time you may supply additional information and reapply.

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