SayCollegeMove.com: College Moving Center

Know the Application Process for an
Additional Student’s Loan

The student’s expenditure has reached a supreme height with the rising cost of living. People opting for higher studies are forced to take out loan in order to complete their educational course. But you fail to get the required amount that you want for your college expenses.

But are you aware that you can apply for an additional student’s loan? Yes, you have read it right despite of your current loan you are eligible to apply for another student’s loan. You might have borrowed within the permissible limit of the subsidized or unsubsidized federal Stafford loan program but this will not cause hindrance for an additional loan application for your education. While applying for student’s loan try to apply for a federal PLUS loan or apply for a private student loan.

After taking additional loans you are worried how to mange your repayment plans. Then you can go for debt consolidation program that would help to pay your piling debt with a single payment.

Here are three main ways you can get an additional loan program:

  1. Ask your parents to apply for a PLUS loan. Applying for a PLUS loan helps to open a new avenue while you are under the federal loan program. Subtract the cost of attendance from the amount you have already received as student’s loan. The remaining amount would be given to you if you are eligible for a PLUS loan. By submitting the online application your parents can apply for a PLUS loan. Check out the website www.studentloans.gov if you are planning to apply online. 

  2. If your parents are unable to qualify for a PLUS loan then ask them to apply for an   additional unsubsidized Stafford funding.  Your school finance aid officer can assist you to apply for some extra fund with the help of federal Stafford loan program on failing to qualify for PLUS loan. The amount your family can afford would be a crucial area of evaluation. If your loan application is granted then you can get fund up to $4000 annually for initial two years and later you would receive near about $5000 per year.

  3. Look for a private loan application program if you are unable to fetch some extra fund. But it would be a smart option to apply for an unsubsidized Stafford loan for additional cash as the interest rates on the balance are low compared with other private loans. But you need to apply for a private loan if your Stafford loans fail to satisfy your educational financial obligations.

    You can check this website www.SayStudent.com in order to find some private loan lenders. The application process of individual lenders would vary but you need to be prepared with few basic documents for submission like income proof and college enrollment evidence.

 

This article was written by Oak View Law Group.