how long does it take for your loan to be approved

[DReject]

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Hi,
I just recently applied to the Grad Plus loan and I was wondering how long it takes to hear a decision.


Thanks!

 

[mshheaddoc]

If I remember correctly usually 1-2 weeks depending on how busy.

 

[okbye]

Lenders are usually able to tell you on the phone if you qualify when you first call in so it just depends on the individual company. The only thing that would disqualify you is a bad mark like a bankruptcy or excessive late payments, your credit doesn't have to be excellent - just not bad.

 

[CookieBear]

I applied for mine online, on a Friday evening. When I checked the status online, on Wednesday, it showed that the school replied on Monday, and that my loan was approved either that day or the next (can't remember). I was pretty impressed.

I used an apparent cooperative site that Sallie Mae and KSU operate, or something to that effect. It allows me to manage/view my loans, and to apply for stuff like GradPlus.

Good luck!

 

[Doctor Bagel]

For this year, it just took a day. They ran the credit check and let me know that was OK immediately after I submitted my online application. Then, they sent it to the school for certification -- my school did it immediately, but I guess that depends on how responsive and busy your FA office is.

So do it sooner rather than later to account for any delays, but it shouldn't take ages.