Order of Things?

[SeminoleFan3]

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Can someone please explain the order of how this is supposed to work?
I've submitted my FAFSA and Institutional Forms already. Do I wait until I get my aid package and then apply for the loans I need?
Do I decide on a lender now and see if I'm approved?
Also, do most people get their Stafford and GradPLUS loans from the same lender?

Ahhhh, so much information!

 

[SeminoleFan3]

Anyone?

 

[Lesley]

Can someone please explain the order of how this is supposed to work?
I've submitted my FAFSA and Institutional Forms already. Do I wait until I get my aid package and then apply for the loans I need?
Do I decide on a lender now and see if I'm approved?
Also, do most people get their Stafford and GradPLUS loans from the same lender?

Ahhhh, so much information!

I can't say for sure, but I would wait until you get your aid packet. You could call the financial aid office and ask when to expect it. Many schools offer direct federal loans that are adminstered through the school. Some schools also offer institutional loans at more favorable interest rates than private loans. Some schools may just give you a list of the types of loans available and potential lenders. All should give you a very close estimation of next year's cost of attendance. It would be nice to review your financial aid packet to see what aid is offered you first, if possible. Good luck.

 

[SeminoleFan3]

Yes, but the FAO said it won't come out until around June 1st or something like that. School starts at the end of July, leaving not a lot of time. So, I'm trying to figure out how much of the paperwork I can do now.

 

[Lesley]

Yes, but the FAO said it won't come out until around June 1st or something like that. School starts at the end of July, leaving not a lot of time. So, I'm trying to figure out how much of the paperwork I can do now.

I would contact the financial aid department of the school you will be attending and ask if they have a list of preferred lenders. Most schools have preferred lenders. You could contact them and review the terms of their loans. At least you could decide now what companies you prefer work with. However, without knowing the amount you may be receiving through your school, you may be unable to complete a loan application. Contact your school. I'm sure they get questions like yours all the time. Good Luck.

 

[skysurf2]

Can someone please explain the order of how this is supposed to work?
I've submitted my FAFSA and Institutional Forms already. Do I wait until I get my aid package and then apply for the loans I need?
Do I decide on a lender now and see if I'm approved?
Also, do most people get their Stafford and GradPLUS loans from the same lender?

Ahhhh, so much information!

When you receive the award letter from the school they should also give directions for completing the loan applications. You can do your own research to find a lender, or you can let the school certify your loans with one of their preferred lenders. The loan forms are usually similar if not the same no matter which lender you use. You don't have to keep your Stafford Loans with the same lender as your PLUS Loans. Once you graduate you will probably consider consolidation options which would put all of your loans with the same lender anyways.
It's best to wait for an award letter from the school as the loan forms are time-sensitive applications and you don't want to have to redo anything. You won't need an approval for the Stafford Loans, just the GradPLUS Loan. The approval for the PLUS is based on credit, however it's a "soft" credit check. They aren't looking at your score or debt-to-income, just your credit history. It's supposed to be an easier loan to get than most private student loans.

 

[alwaysaangel]

Yes, but the FAO said it won't come out until around June 1st or something like that. School starts at the end of July, leaving not a lot of time. So, I'm trying to figure out how much of the paperwork I can do now.

UK doesn't give out finanical aid packages until JUNE?!? Are you sure?