The Student Loan Checklist
When paying for college, many students find that they must supplement grants and scholarships with student loans. Finding a loan can be tricky, so we compiled a checklist on what to do when searching for student loans:
- Figure out how much you need to borrow. Update the cost of attendance and financial aid on the interactive form to balance family vs. student borrowing college expenses. Borrow the maximum allowed through federal loans first, before turning to private student loans. Don’t borrow more than you need.
- Choose the lender for each loan type you need. Your school may have provided you with information about federal student loan options. SimpleTuition can help you compare, select and apply to the private loans that fit your needs.
- Organize the promissory notes. Gather all of the information you will need for the loan applications. It’s generally pretty straightforward, but there might be some things like Department of Education code for your school, disbursement dates, and cosigner information that might not be readily available.
- For private loans, apply with a cosigner. Your private student loan application will be easier to submit, if you apply in the same session with your cosigner.
- Complete the applications early. Do it soon. Because of the lingering credit crunch, there could be complications in securing financing.