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College Student Financial Aid
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When students decide to check out financing from a bank, the student needs to find out about the availability of a personal loan.
Personal loans can be made directly in the student's name and follow the guidelines and standards set up by the bank.
To apply for a personal student loan, there are certain steps to follow. Determine how much money, the individual needs to borrow. The budget should consider tuition, housing, books and other educational fees. Deduct from the budget if the student is seeking funding from a different lender(federal sources). If the student is employed, the student needs to get a credit check. It is easy to get a free credit report online or through Equifax, Experian and Transunion.
If the student is unemployed, they may need to have some co-sign the loan. Make the sure the person who has been designated to co-sign the loan is in good credit standing. It is easy to get a free credit report online or through Equifax, Experian and Transunion.
Research online about different lenders. The bank's current rates are listed to make comparisons of each lender.
Unfortunately, if the student can't repay the loan, the cosigner is also at fault. This could result in a financial disaster for the cosigner. The consigner will be liable for the full payment of the loan plus any other fees. Students may exercise the option to defer payment on their student loans depending on the terms of the lending agency. When the deferment ends, some students do not have the money to pay for their loans.
Students who are unable to pay for their loans fall into the category of "defaulters". Default in the most simplest terms means failure to pay student loan debt.
The time it takes for a student loan to be considered a default loan is 270 days if no payment has been received. The lending agency will take the necessary steps to receive payment from the individuals. The individual may be able to work out an agreement with the lender but the default remains permanent.