Loan Officers School (Loan Officers Explain School Loans)
First time student borrowers usually have a lot of questions that go unanswered because they never bother to ask. When you are taking out student loans for the first time, you should understand fully what you are getting yourself into. It is important that you talk to the loan officers at school to get a clear picture about the student loan programs they offer. Typically, you will find the loan officers at school very helpful and willing to spend the time needed to prepare you for borrowing. Loan officers at school know that borrowing is a huge financial step, and one that you should never take unprepared.
Entrance Counseling
Many colleges now provide entrance counseling for first time borrowers. The loan officers at your school will explain the entire procedure to you and entertain all questions you may have. Sometimes the entrance counseling is usually a one shot deal, so you should go with some questions prepared. You should also feel free to make a follow up appointment if you have questions before you sign the promissory note.
Promissory Note
You can apply for your student loans in the loan officers’ office at school or you can do the entire process online. Before you sign anything you should make sure that:
- All your information is correct. This includes spelling of names, address, phone numbers, email addresses driver’s license and social security number.
- All of the reference information you gave is correct and that they are aware of their presence on your application. There is nothing worse than a reference who is blind sided by a call regarding someone else’s financial aid.
You should be sure to review the entire contents of the promissory note with the loan officers at school to understand the terms of your loan contract. This is a legally binding agreement to repay the total amount of the debt once you have completed the program, dropped below half time or completely dropped out of school. Many borrowers do not realize their responsibility of repaying the loan until after the repayment period begins. You should start the loan process with the idea that you will have to repay it by the terms of the agreement so you are serious about handling the loan properly from the very beginning.
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