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Helpful Hints from your School Loan Processor
When you take out a student loan you need to be aware of the entire process and how to make sure it goes as smoothly as possible. You have to fill out the application properly and be sure to include all the information needed to ensure that the loan will be approved. There is a lot of financial, referral and personal information needed for student loan processing. The loan processor at school will be able to give you guidelines on how to complete the application and submit the necessary paperwork. It is the job of the loan processor at school to help you with any issues you may have in applying and to make sure the application is completed before it is submitted. It is your job to supply the correct information and avoid problems that may delay your loan processing.
Helpful Hints
- Be sure that you know what types of loans you are applying for and the requirements they have. You do not want to find out that you never qualified for a loan after you have spent time filling out the application and gathering the necessary information. The loan processor at school will have a list of the requirements you have to meet for each loan you want to apply for.
- To defer student loan payment immediately after disbursement until the repayment period, you have to be enrolled at least half time. If you drop below half time for any reason you will immediately enter your grace period and then have to start repaying the loans. If you plan to take a semester off you should contact the loan processor at school about how to defer the loan during that time. Be sure that dropping courses during the semester will not affect your student loans. It is possible to drop below half time during the semester by dropping one too many courses which will result in your loans entering the grace period.
- Have copies of all of your loan paperwork. The loan processor at school will be able to request your entire loan package be copied for you if you so desire. It is important to keep these files handy in case you need to refer to the contract for issues of deferment, forbearance, eligibility or repayment. It is not the responsibility of the loan processor at school to keep track of your loan information, though they might keep a copy.
- Always check with the loan processor at school to be sure any changes you make to your academic program are suited to your student loans. If there are changes to be made to your loans you will want to do them at the same time as your academic changes.
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