Heading off to college soon? Going back to school for another degree? Or maybe you want your child to get an excellent education that prepares them for a bright future. Approved Cash is here to help.
Your or your child may get accepted to your dream school, yet lack the funding to attend.
That’s where student loans come in. They provide students with the funding they need to get a quality education. These loans are unsecured, meaning you don’t have to put down collateral.
You can get student loans from the government and private lenders. Government student loans include the following.
Direct Subsidized Loans: Based on financial need. Interest doesn’t begin accruing until after graduation.
Direct Unsubsidized Loans: Not need-based. Interest begins accruing right away.
Direct PLUS Loans: Not need-based. For graduate and professional students, as well as parents of undergraduates. These require a credit check.
You’ll want to check the Studentaid.gov website to learn the limits and rules surrounding these types of loans.
Beyond government loans are private loans that you can get from lenders such as banks. You can get matched to private lenders through Approved Cash.
Private loans tend to have higher interest rates than federal loans, but they can make up for shortfalls in your federal loan amounts.
Try to cover some college costs with your income before taking out loans. Doing so will make you less reliant on debt, making the future easier.
With that said, higher education is expensive these days. If you plan on attending a college or university, you’ll likely need some debt at some point.
Before you get student loans, look for other forms of aid you won’t need to pay back. Scholarships (not needs-based) and grants (needs-based) are “free” money if you win them.
Seek out work-study positions, too. These are on-campus jobs — usually major-related — that cover some of your tuition in exchange for a fixed amount of work each week.
If you can’t get a work-study job, try to get a regular job to at least cover expenses like food and housing.
Once you’ve exhausted these options, consider loans.
Starting with federal loans is a good idea. Direct Subsidized Loans don’t accrue interest until you finish school, saving you on interest. Plus, their interest rates are pretty low. Get as much of those as you can.
But so many people know the pain of “being too poor for college, yet too rich for financial aid”. In other words, you likely won’t get as much aid as you need.
That’s where private loans come in. If the above actions don’t cover your college costs (which is quite common nowadays), private student loans can cover the rest of your needs.
Once a few schools have admitted you, estimate the total cost of attending each one. Don’t spend too much time here, as cost shouldn’t be your only deciding factor — after all, some schools offer better programs for your intended major.
Then, you must pick a school based before you apply for student loans.
After picking a school and knowing how much it’ll cost, estimate how much in non-loan funding you’ll have available. Subtract that from your first estimate, and you’ll have the total amount of loans you need.
Apply for federal student loans using the Free Application For Federal Student Aid (FAFSA) and see how much you qualify for. Subtract that from the above number — what you have left is the amount you need in private loans.
Then, head over to our system, specify that you want a student loan, then give us the loan amount and your contact information. Our system will do the rest, matching you with a local lender within 24 hours.
Once our system finds you a local lender, you speak to the lender about your loan details and provide all the relevant documentation. After finalizing your loan terms with the lender, they will send the loan funds to you via check or direct deposit into your bank account — whichever way you prefer.
Now, you’re free to spend your loan funds on your tuition. You’ll then start paying back your student loan to your lender after you graduate. Most private student loans give you a 6-month grace period after graduation to find employment before you begin repaying the loan.
For both federal and private loans, you’ll need to be accepted to and pick a school. Qualifying schools include almost all 4-year institutions and most 2-year trade school programs. Community college and other 2-year programs that aren’t trade schools may not qualify.
Federal student loans require you to fill out the FAFSA — on which you’ll provide information about your household income and school you’re attending.
Private loans are a lot more like other loans. You’ll need to provide a few pieces of information.
General requirements: Private student loans generally require you to be a US citizen at least 18 years of age. However, there are some lenders that offer private loans to non-citizens.
Household income: How much everyone in the household (who will be funding your college education) makes.
High school diploma/GED: You need to graduate high school or obtain your GED to be eligible for aid.
Credit report: A few private lenders offer no-credit-score loans, but the vast majority ask that you have good credit. Lenders can check your credit score on their end, though, so no need to bring this. However, be ready for them to do so. Most college students will have little to no credit history, though. If you’re a newly-minted adult attending college (aka 18 years old), you may need a co-signer. Seen the next bullet.
Co-signer: Unless you’re an older student returning to school, you likely have little to no credit. A Co-signer — aka you parents/guardian — will make it much easier to get a private student loan.
College students and their parents both get caught up in applications, classes, internships, and more. You may not have time to seek out the funding you need to afford college.
Approved Cash is here to take that off your plate by connecting you to local student loan lenders automatically. Head over to our form, fill out your contact information, then tell us your loan details. Our system does the rest by matching you to a lender in your area within 24 hours.
And we know how annoying it is to have 100 banks and lenders harassing you over the phone to take out a loan. That’s why we only give your loan to 3 lenders. They’ll still have to compete for your business, but you won’t be getting calls all day.
And again, they’re local. They’re part of your community. They’ll see as more than just another number.
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