When do I apply for loans?

Comments

• 2 Likes

  spitzy11 Alum Member

  April 2018 772 karma

  With my scholarship I still have loans so personally, I'm just going to accept the Federal Loans provided on my Award Letter that the school sent. I believe you must accept your award letter and then follow the guidelines. At least for undergrad, we had a deadline for when we had to accept our award letter by, provide a payment contract, etc.
  Normally it starts with accepting or rejecting the loans. If you accept them, you have to go through the entrance counseling, complete the MPN, etc. Normally each school provides a detailed explanation as to the step by step process. If they don't, you can always call Financial Aid and ask them to further explain the process.

  In terms of private student loans, I defer to others who have more experience with that. Let me know if you have any questions because I went through all of this for undergrad.
• AudaciousRed Alum Member

  April 2018 2689 karma

  @spitzy11 , thanks for that. I was just thinking about loans and the process the other day. I'm very thankfully on a scholarship for my BA, but even with a scholarship, I will need loans for law school. I've seen them offered to me for undergrad, but never took them because I didn't need them. I always wondered how that process played out if you clicked "accept".
• shayereynolds17 Free Trial Member

  April 2018 18 karma

  Look into Grad Plus loans. I will be using that to cover the rest of the cost of attendance leftover from scholarships and federal student loans.
• 5 Likes

  Leah M B Alum Member ⭐

  April 2018 8392 karma

  It's really best to avoid private loans if at all possible. You should be able to borrow federal loans up to the cost of attendance (Stafford and Grad Plus loans). You should only need private loans if you need financing above and beyond the cost of attendance.