College Loan Solutions Program FAQ

Whose credit history is checked for loan approval, the co-signer's or the borrower's?
Both credit histories are checked.

What if I (the student-borrower) have a minimal credit history or no credit at all?
With minimal or no credit history, you will most likely require a co-signer to gain approval for a loan.

If I obtained a loan last year, do I have to reapply again this year?
Yes. You must reapply each academic year, but the loan can span 12 months of consecutive attendance.

When is the best time to apply for a loan?
You should apply for a loan as soon as you have received your acceptance letter from the school you plan to attend.

Is the information I gave on my online application protected?
We employ a multi-layered approach to ensuring the security of your personal information. Although these security measures are in place, if you would rather not handle financial transactions online, you can submit a paper version of the private student loan application form or call to apply over the phone.

How old do I have to be to apply or be eligible for a loan?
To be eligible for a private student loan you must be at least 18 years of age (19 in Nebraska and Alabama, 21 in Puerto Rico & Mississippi.) Mississippi residents under the age of 21 may borrow with written consent from a parent or guardian.

Is it possible to borrow funds for an entire year rather than one semester at a time? If so, how are the funds disbursed?
Yes, funds can be borrowed for up to 18 months of attendance. The disbursement dates are obtained from your school's financial aid officer. Generally the disbursement is made immediately before each term (semester, trimester, or quarter) begins and sent directly to the school.

As an applicant, do I need to have a Social Security number to apply for a loan?
The borrower and any co-signer are required to have a valid Social Security number.

Can I apply for a loan if I am a resident alien?
Yes, certain non-citizens are eligible to apply, generally those who hold a valid Proof of Residency (I-151 or I-551) card.

Do I need to be accepted to a school before I can get a loan?
You must be enrolled at an eligible institution to be approved for and receive a loan. Enrollment is verified after you submit an application, as part of the loan approval process.

What happens if I get approved for a loan but not for the amount I requested?
Your school's financial aid officer can change the amount for which you are eligible. If this happens, you will either receive a letter with your Promissory Note indicating any changes to the loan amount or you will receive a second Truth-In-Lending Disclosure Statement indicating the final amount of the loan. Contact your school's financial aid office if your financial requirements have changed or if you have questions about the institution's Total Cost of Attendance.

How long does it take to get the loan check after I am approved?
This depends a great deal on how quickly the borrower and cosigner sign and return their Loan Documents and also on how quickly the school certifies the loan. Once both are complete, the Student Loan Support Center is ready to disburse the funds. The actual timing of disbursement coincides with the start date for the enrollment/loan period, and usually is dictated by the school's financial aid officer.

If an applicant receives grants or scholarships, does this affect the amount that can be borrowed through the Lender?
Your school's financial aid officer determines your school's Cost of Attendance (COA). Grants and scholarships are subtracted from this total. You can use a School-Certified Student Loan to pay for the difference if the amount is at least $500.

If the borrower has other loans, does this affect the amount that can be borrowed through the Lender?
The financial aid officer determines the total financial aid package for each student. The financial aid officer calculates the student's unmet financial need by using the Cost of Attendance (COA) and deducting from this figure the Expected Family Contribution (EFC) and any grants, scholarships, and federal loans the student will be receiving for the current enrollment period. Since the Student Loan Support Center contacts the financial aid officer for certification of the loan amount requested, the financial aid officer can increase or decrease the loan amount based on the COA calculation.

Is there any other paperwork I need to complete after my loan is approved?
After your loan approval, you will need to sign and return the Promissory Note, and any other information that might be requested.

If I am conditionally approved, will I automatically be approved for a loan?
Not necessarily, however, most applicants who are conditionally approved will be approved for a loan provided the student's enrollment is verified for at least a half-time basis and all neccessary documents are returned. If your application is not approved, you will receive a letter via your preferred choice of communication (mail or email) explaining why. At that time you may supply additional information and reapply.