Student Loan Network serves hundreds of thousands of students from more than 6,000 colleges across the United States . However, we do see some states and colleges where we get more applications than others. If you are interested, here is a list of the popular states where we are making loans.
StudentPlatinum.com has created a useful guide for those of us who don’t understand as much as they should about their credit. More importantly, the site guides you through the steps you will need to improve your credit score to insure you qualify for student loans. Visit:
http://www.studentplatinum.com/improve-credit-score/
Remember, when applying for private student loans, a qualified cosigner helps you to get approved with the best rates and lowest fees. And always maximize scholarships and federal student loans first!
One of the most common questions I receive is, “Am I eligible for a federal loan?” The following eligibility criteria comes directly from the Department of Education.
U.S. Citizen
U.S. Permanent resident who has an I-151, I-551, or I-551C (Permanent Resident Card)
If you’re not in one of these categories, you must have an Arrival-Departure Record (I-94) from U.S. Citizenship and Immigration Services (USCIS) showing one of the following designations:
“Refugee”
“Asylum Granted”
“Cuban-Haitian Entrant, Status Pending”
“Conditional Entrant” (valid only if issued before April 1, 1980)
Victims of human trafficking, T-visa (T-2, T-3, or T-4, etc) holder
“Parolee” (You must be paroled into the United States for at least one year and you must be able to provide evidence from the USCIS that you are in the United States for other than a temporary purpose and that you intend to become a U.S. citizen or permanent resident).
If you have only a Notice of Approval to Apply for Permanent Residence (I-171 or I-464), you’re not eligible for federal student financial aid.
If you’re in the
Also, people with G series visas (pertaining to international organization) are not eligible for federal student financial aid.
The Financial Aid Podcast is hosting a select group of financial aid, media and industry leaders to participate in a live podcast addressing the recent news regarding the credit crunch and student loans. Learn how you, as a student, parent, or family member can pay for college in 2008. Student questions such as the following will be addressed:
* What is the current status of the student lending market? Will loans be available to me?
* I keep hearing that loans might not be available from some lenders - what does that mean for my Stafford loan?
* What is the government doing - or what should they do - to help make paying for college a reality for most students?
* Where can I find scholarships, grants and other financial assistance?
* What do “tighter credit requirements” mean to me?
Show will air live April 9 at Noon EST.
Register Now to ask your questions in advance!
Two things people do not always realize:
1) You must complete the Free Application for Federal Student Aid (FAFSA) in order to qualify for federal student aid, including the Stafford Loan. There is still time left so get it done online at www.fafsa.ed.gov.
2) You are not done once you complete the FAFSA. You then actually need to apply for a Stafford Loan - and any other aid you are interested in. Talk with your financial aid officer, seek other resources and apply as early as possible.
To find College Scholarships, visit www.StudentScholarshipSearch.com
If you are a high school senior and are planning to go to college in the fall, the first step in the financial aid application process is the FAFSA. What is a FAFSA? It is the Free Application for Federal Student Aid. What is it for? You have to complete this government form to qualify for federal student aid, including Pell Grants, Stafford Loans and often college administered scholarships and grants.
For help and advice visit: FAFSAOnline.com
Students who don’t want to complete the FAFSA often go right to private student loans to help cover their expenses. These are often more expensive than federal loans but may be easier to get if you have good credit.
Ever since I was a teenager my father, Stephen E. Bonvie, spoke these eloquent words, “The power of disciple the rewards of time.” He spoke these words in context of saving money. Of course I was caught in the age old conundrum of having the knowledge and game plan at age 15, but not having the means by which to execute these words. As you get older you tend to possess the income, but have already let valuable years pass you by. It’s a tough paradox. Honestly, most of us struggle just to keep our heads above water, and loans serve as the perfect bridge to get what we want. We are a buy now pay later society. We take out loans for everything these days. We take out loans for automobiles, homes, computers, and education; just to name a few. The key is to take out loans on assets you forecast will appreciate over time - like education.
Students and bad credit… Well, there is some help. The parent of the Student Loan Network, Edvisors, has created a student credit education resource - StudentPlatinum.com. The site offers a number of good articles on how to build and maintain good credit or fix your bad (”poor”) credit. Check it out when you have some free time - it might help.
In the meantime -what loans are available for students with poor credit? First, consider the Federal Stafford Loan - there is no credit component to it so you should qualify. Learn more at www.StaffordLoan.com The amount you can borrow from the Stafford Loan is limited and, of course, you need more money.
Private Student Loans, taken out in the student’s name, do require a credit check. We always recommend you apply for a private student loan with a cosigner who has good - or even better - great credit. Applying with a cosigner improves your chances of getting approved and getting a better interest rate.
The Federal PLUS Loan is another option. The PLUS Loan (or Parent Loan for Undergraduate Students) will be in your parent’s name - your credit is not a factor. If your parent has bad credit and gets denied for the PLUS Loan, you can then talk with your financial aid office and get additional funds through the Unsubsidized Stafford loan. Learn more at www.ParentPLUSLoan.com
The details for all these loan programs are available on our site, StudentLoanNetwork.com. Do your research and work on improving your credit. It will save you a lot of time and money in the long run.
This morning, I chatted with a young woman who needed to have her FAFSA completed ASAP. She was told by financial aid that she could qualify for Stafford loan but needs this once piece of the puzzle completed in order for her to obtain any sort of financial aid. She called me because she needed advice on how to get the FAFSA completed ASAP. I explained to her that I felt the most efficient way is to complete the FAFSA online at www.fafsaonline.com. I know it’s scary stuff filling out such a lengthy document completely online. But I promise everyone, the Internet is our friend! Do the FAFSA online! Reason why is because the Government needs the FAFSA filled out just right. When you file online, the system will catch a lot of mistakes and send you back to fix them.Your on your own if you fill it out online. If you do certain things incorrectly, you’ll receive a bunch of paperwork that basically means denied!
Also, keep in mind that you have to update this paperwork every year you are in school. When you do it online, all of your forms will be saved from year to year so it can be completed pretty easily.
Trust me folks do it online! Soon enough the paper form will be extinct.
The Student Loan Network: Stafford Federal Student Loans, Parent PLUS Loans, Student Loan Consolidation, Private Student Loans, Education Loans/College Loans
As a Customer Service Representative at the Student Loan Network the questions I most often here is, “How do I get the Stafford Loan?” and “What is the difference between subsidized and unsubsidized’ and finally “How do I get my Stafford loan money?’
All questions are great and important questions to ask. Listed below are my answers to the commonly asked questions”¦.
How do I apply for the Stafford loan?
You must fill out a FAFSA application to see if you are eligible for the Stafford loan. Virtually everyone is awarded this loan however you need to fill out the FAFSA paperwork for the school to review and determine your eligibility for Federal Aid (i.e. Stafford loans, Pell grant, Perkins loan, etc.) Once you are awarded the Stafford Loan money you can go to www.StaffordLoan.com and get your Master Promissory Note to agree to the terms and conditions of the loan. Depending on your school’s process you may need to print out the MPN or do an electronic signature.
My award letter lists subsidized and unsubsidized Stafford loans. What is the difference?
Subsidized Stafford loans are need based and interest free while you are in school. Unsubsidized Stafford loans are non-need based and interest accrues on the loans while the student is in school.
How do I get my Stafford loan money?
The funds for the Stafford loan get disbursed directly to the schools financial aid office. The money is put into your student account, applied to any outstanding tuition or fees and the amount left is then issued to you via check. If you are interested in receiving a refund check you need to coordinate it with the school’s financial aid office and not the lender.
If anyone has any questions on financial aid I’ll be glad to try to help or answer any question you may have. Thanks for reading.
The Student Loan Network: Stafford Federal Student Loans, Parent PLUS Loans, Student Loan Consolidation, Private Student Loans, Education Loans/College Loans
