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I hope you’re doing well. I’m writing to you because I saw that your semester has started, and I wanted to let you know about something that might be helpful for you.
You may have heard about student loans, but there are actually lots of different kinds of student loans. The one that’s most relevant to you right now is the federal Perkins loan, which is a low-interest loan that helps cover the cost of your education if you’re enrolled full-time and eligible.
If you’re interested in applying for one of these loans, please contact an academic advisor or financial aid office at your school so they can help make sure all the paperwork gets filled out correctly.
How to Get Student Loans Mid Semester
As long as you have not surpassed your borrowing limit (either for the semester or your maximum student loan limit) and you have completed your FAFSA on time, you can take out federal student loans mid-semester. However, if your FAFSA was not completed by the deadline or you’ve reached your student loan limit, then you can still apply for private student loans during the year.
In general, private student loans are a good option if you need more flexibility when you apply for student loans. Private lenders are indifferent when it comes to federal deadlines and limitations, making it easier to apply for them mid-semester. Make your dreams attainable, apply now for a private student loan.
How to Get a Student Loan for Upcoming Semesters in the U.S.
While a college education in the U.S. can open the door to new opportunities, it often comes with a hefty price tag. During the 2021 to 2022 school year, the average annual cost of tuition and fees at public and private colleges ranged from about US$10,000 to nearly US$44,000.
While this bill might seem daunting, you don’t have to pay the whole amount out of pocket. Instead, you could consider taking a student loan to cover costs. Student loans can be a useful tool for paying for college, as long as you perform research on your lender options and choose the right one for you through responsible borrowing.
If you’re an international student getting ready to study in the U.S., here’s how to apply for student loans for your upcoming semester.
How to Apply for Student Loans as an International Student
As an international student, you’re not eligible for federal funding – including student loans from the U.S. Department of Education. Instead, you’ll want to look into private student loans from a bank, credit union, or online lender. If you’re thinking about how to get a student loan for college, the first step is to compare lenders.
1. Explore your options
Not all private student loans are created equal, so it’s important to compare your options. Since every lender sets its own rates and fees, shopping around could help you find a loan with a competitive interest rate and low fees.
Along with comparing rates and fees, check out a lender’s eligibility requirements for international students. Many lenders require international students to apply with a creditworthy cosigner who lives in the U.S. For example, some private lenders might require your cosigner to have a FICO credit score of 675 or higher, and an annual income of at least US$30,000.
A cosigner is an individual who applies for the loan with you. Your cosigner shares responsibility for the loan and could be contacted to provide payments if you fall behind. Their credit will also be impacted if you miss payments on your loan.
If you don’t have a cosigner – or prefer to take out a student loan on your own – there’s another option. MPOWER Financing is one of the few lenders that provides student loans to international students with no cosigner or collateral required.
If you decide to borrow with MPOWER, you don’t need to ask anyone else to be responsible for your student debt. You can qualify for an educational loan on your own.
2. Make sure your school is eligible
Before approving you for a student loan, most lenders require that you’re attending an eligible school. Typically, you need to be enrolled in an accredited college or university that will lead to an associate, bachelor’s, master’s, or other advanced degree.
MPOWER Financing, for example, has a list of more than 400 colleges and universities in the U.S. and Canada that it supports and will fund student loans for, as it believes these schools offer the best outcomes for global citizens.
If your school isn’t on the list, you might still be able to borrow from another private lender, as long as you have a U.S.-based cosigner. You can start your search with a comparison tool to evaluate a variety of lenders.
3. Determine how much you need to borrow
Before you apply for a student loan, think carefully about how much you need to borrow for school. Along with tuition and fees, you will need money for room and board, books, and other supplies. You should also budget for costs to cover your day-to-day living expenses.
Most schools will give you a general cost of attendance on the financial aid section of their website. Take some time to estimate the amount you’ll need to get through the semester or school year.
If you’re not sure how much you need to borrow from MPOWER, you can start by requesting the maximum amount of US$50,000 per application. You can easily decrease the amount later in your application, but asking for an increase can delay the application process. MPOWER loans can be used for tuition – and sometimes for other fees like health insurance when studying in the U.S. Students studying in Canada can request to borrow funds solely for their tuition costs.
4. Fill out an initial application
You can usually complete the student loan application process online – but it will vary by lender. You can expect to fill out an application and provide any required details, which usually includes:
- Your school, period of enrollment, and intended major
- The loan amount you’re requesting
- Financial information, such as your income and housing costs
- Personal information, such as your permanent address and in-school address
The lender might also ask you how you plan to use your loan. Some acceptable expenses include tuition, fees, housing, health insurance, and meal plans when studying in the U.S.
The time it takes to complete a loan application will also vary by lender. However, with MPOWER, you can submit the initial application within about 30 minutes.
5. Review your conditional offer
If you’re conditionally approved for a student loan, you will receive notification from the lender. Once again, the time in which you’ll receive this information will vary. For example, when you apply for a student loan through MPOWER Financing, your application will be reviewed and you’ll be given a conditional offer within one to three business days if approved for one. In some circumstances, you might get a conditional offer immediately after submitting your application.
Note that this offer is conditional – meaning you’ll need to provide supporting documentation before your loan can be fully approved.
6. Upload your documents
After receiving your conditional offer, your next step will typically be to provide verifying documentation. If you’re an international undergraduate or graduate student that’s received a conditional offer letter from MPOWER, some documents you’ll need to upload include your:
- Resume
- Proof of home country address
- Standardized test scores
- English proficiency test scores, such as the TOEFL or IELTS
- Admission letter
- Transcripts
- Diploma from previous university (if you’re a graduate student)
- Passport
When applying for an international student loan with MPOWER, your documents can be easily uploaded directly and securely through your dashboard.
7. Receive loan approval
After receiving your documentation, lenders review the items for approval before next steps can take place.
If you have applied for a loan through MPOWER and you’re able to proceed, we will contact your school to finish the certification process. If approved, the loan funds would be sent directly to your school to cover your costs accordingly.
It’s a good idea to start your loan application early to ensure you have the funds you need at the right time. Most schools ask for tuition payment at the beginning of the semester or shortly before classes start.
Whether you decide to take a student loan from MPOWER Financing or another private lender, beginning the process two or three months before your semester starts can help ensure your funds come through in time.
How to Apply for Private Student Loans: A Step-by-Step Guide
You filed your FAFSA, received some federal financial aid and scored a few scholarships — but you still can’t afford to pay for all your college expenses. This is where you might need to learn how to apply for private student loans.
Students are taking out private student loans more than ever. According to data from MeasureOne, the number of loan originations by private student lenders increased by over 10% from 2019 to 2020 in their respective first quarters.
If borrowing is the route you’re prepared to take to cover financial aid gaps, it’s important to know how to apply for private student loans. Here are five steps to take:
1. Research private student loans
So what’s the critical difference between federal and private student loans? The former are issued by the government, while the latter are issued by independent financial institutions, such as banks, credit unions and online companies.
This means the private loan application process is much different and is based largely on your credit.
For federal loans, you fill out the Free Application for Federal Student Aid (FAFSA), but for private student loans, you must apply directly with the financial institution, sharing your financial information in hopes of qualifying.
How to get a private student loan
When it comes to finding the right private student loan lender, you’ll need to do some shopping around. One easy option is to get quotes from top private student loan lenders — we’ve already vetted these lenders and found them to have competitive interest rates and terms.
| Lender | Private student loan option best suited for… | ||
|---|---|---|---|
| Best for parent borrowers | Read More | VISIT LENDER | |
| Best for speedy cosigner release | Read More | VISIT LENDER | |
| Best for comprehensive approval process | Read More | VISIT LENDER | |
| Best for unemployment protection during repayment | Read More | VISIT LENDER | |
| Best for loans without a cosigner | Read More | VISIT ASCENT |
You can also check with your school to see if they have a preferred lender list. Make sure you search for the correct loan for your education level (graduate or undergraduate).
Regardless of how you come up with your list of potential lenders, you should compare interest rates, payment terms and fees to find the most cost-effective loan that suits your needs. The most reputable institutions will let you do this online through a quick (usually just a few minutes long) preapplication that won’t affect your credit score. Once you find your best offer, you should be able to complete the full formal application online as well.
You should only apply once you know exactly how much you need to borrow, and only after you’ve chosen your college (more on that later).
2. Time your private student loan applications right
Unlike filling out the FAFSA for federal financial aid, there’s no deadline for a private student loan application. You can apply throughout the year, which is helpful if you experience any unforeseen costs partway through the semester.
With that said, Student Loan Hero recommends submitting all formal applications that include hard credit checks (the kind that do affect your credit score) within 30 days of each other. Doing this should hopefully limit the impact to your credit report, as credit agencies usually count several applications for the same type of loan as a single credit event, so long as they fall within the same time period.
When should I apply for private student loans?
Don’t wait to apply for a private student loan with just days (or even weeks) before tuition is due. The process can sometimes take longer than expected, so leave yourself plenty of time to get the money you need by staying on top of your costs and expenditures.
| Recommended timetable for applications from College Ave Student Loans | |
|---|---|
| Days before school | Steps to take |
| 90 | Estimate your financial need, find a cosigner |
| 60 | Shop around with several lenders to find the best overall loan, get a cosigner commitment |
| 30 | Apply for your preferred student loan |
| 10 | Look out for confirmation that the funds are slated for arrival, wait for your first loan statement and (if applicable) prepare to make in-school loan payments |
This timetable gives your school enough time to certify the loan amount, and it gives your lender enough time to disburse the funds before tuition comes due.
Do I have to apply every year for student loans? Every semester?
If you need multiple student loans during your college tenure, then you will need to reapply. Each loan, no matter what year or term it’s used for, is its own separate debt.
Before each new school year or semester in which you need additional funding, you’ll have to repeat the process of determining how much you require and then researching the best available loans.
One way to avoid this potential hassle is to apply for private student loans from a lender that offers multi-year loan approval, such as Citizens Bank. You’ll still have to meet credit requirements for additional years of borrowing, but you will have access to a more streamlined process when requesting more funds.
3. Who is eligible for a private student loan?
Lenders will determine your eligibility for a private student loan based on your credit history and other factors. As a result, you might need a cosigner if…
- Your credit history is limited
- You have a low credit score
- You don’t earn much income
Among undergraduates who took out a private student loan for the 2020-2021 academic year, an overwhelming 91% needed a cosigner to qualify, according to MeasureOne. Even at the graduate level, 63% of students needed a cosigner to take out private student loans.
When seeking a cosigner, try to find someone in your family or a close friend who you know has a good credit history. This will increase your chances of approval for a loan and also make it more likely you’ll secure a better interest rate and unlock attractive loan terms.
It’s important to understand that having a cosigner doesn’t mean you’re off the hook for repayment: You’ll still have to pay everything back — in addition to interest. Also, remember that missing a payment could hurt not only your credit, but also your cosigner’s.
4. Gather necessary paperwork and information for a private student loan application
Whether you plan to apply on your own or with a cosigner, you’ll need to gather some essential financial information. Having it available will help to make the process easier.
Here is some information you and your cosigner should have handy before filling out a private student loan application:
- Social Security numbers
- Personal information, such as telephone numbers, dates of birth and home addresses
- Employment information, including a recent pay stub (within the last 60 days)
- Gross annual incomes
- A list of any assets and their values
- Monthly rent or mortgage
- A copy of your latest tax returns
You will likely also need to have all of your school information available, such as:
- The name of the college
- When you’ll be graduating
- How much it will cost to attend
- How much you are requesting to borrow to cover those costs
How much should I borrow in private student loans?
Unlike federal student loans, private student loans typically allow you to cover up to the total amount of your school’s certified cost of attendance. Of course, you want to try to minimize how much you borrow, since more debt means more interest costs.
Borrowing only what you can reasonably afford to repay, based on your projected postgraduate income and monthly budget, is a good rule of thumb to follow.
To get a sense of exactly how much you need, take a look at your financial aid award letter. It should detail your cost of attendance, as well as your offer of “gift aid” (such as grants) and federal loans, which should almost always be prioritized over private loans.
Are there other private student loan application forms?
Another important document that will help you to determine your borrowing need is the Private Education Loan Applicant Self-Certification form.
Image: University of Houston
The Department of Education made this private loan form a requirement in February 2010, as a means of ensuring that student borrowers understand their options for loans. You will need to fill it out for each private student loan application — you can get it from your financial aid office.
5. Submit a formal private student loan application form
Each lender will have its own application process, but having the paperwork mentioned above will ensure you can answer the common questions quickly and accurately.
With a typical private student loan application…
- You’ll start off by filling out your personal information, as well as your cosigner’s info (if applicable).
- The lender will likely ask for your financial information, and documents that can verify it — this could range from just a pay stub to your tax return and more.
- Filling in your school information will include information about your graduation date, loan period and loan amount.
- Some lenders will ask you to fill out a personal reference section as well.
- You’ll likely have to agree to the lender’s terms and conditions — including a credit check — by ticking a box acknowledging that you have read the terms and would like to proceed with the application process.
Some lenders offer more or less immediate approval of private loan applications, while most others will likely let you know within a week, if not days.
Just remember that every lender has different interest rates and repayment terms, so proceed cautiously before accepting one private student loan over another.
And now that you know how to apply for a private student loan, check out our guide on the best education loans available.
Here are our top lender guides for various types of borrowing:
Conclusion
The answer to the question “Can you accept student loans after the semester starts?” is a resounding yes. Student loans are available for all students, and they can be accessed at any time. But it’s important to remember that there are some things to consider when taking out a loan—you’ll have to make monthly payments back to the lender, and if you don’t pay them off in time, they could be damaging to your credit.
Further, there are rules about when and where you can take out a student loan. You’ll want to talk with an expert before applying for a loan, just in case there are any special stipulations or requirements specific to your situation.
Remember: taking out student loans doesn’t mean that you’re doomed for financial failure or that you’ll never be able to pay them off on time! It does mean making sure that you understand all of the details behind your loan and how much money it will cost each month before signing anything official with a lender or company representative.
Deadlines for federal student loans
For most borrowers, it’s best to apply for federal student loans first when planning for college costs. The first step in taking out federal student loans is to complete the FAFSA, or Free Application for Federal Student Aid.
The FAFSA typically opens October 1 for the following academic year. It’s a good idea to complete the FAFSA as early as possible so you can get all of the financial aid you qualify for.
Also keep in mind that some aid is given on a first-come, first-served basis — so be sure to submit the FAFSA as soon as you can, especially if you have high financial need.
2023-24 deadlines
- FAFSA opens: Oct. 1, 2023
- Final deadline: June 30, 2024
2022-2023 deadlines
- FAFSA opened: Oct. 1, 2021
- Final deadline: June 30, 2023
2021-2022 deadlines
- FAFSA opened: Oct. 1, 2020
- Final deadline: June 30, 2020
Some states and schools require you to apply earlier than the federal deadline. For example, California’s deadline for many state financial aid programs for the 2022-2023 academic year was March 2, 2022. That’s a full year before the last federal deadline. Be sure to check your state’s FAFSA deadline.
You can also contact your school’s financial aid office to check what specific deadlines you’ll need to meet.
Deadlines for private student loans
Unlike federal student loans, you can apply for private student loans at any time. But you don’t want to wait until the last minute. Give yourself plenty of time before tuition is due to apply for a private student loan and for the funds to be disbursed. This way, you won’t have to worry about missing a payment if there are any delays.
In many cases, private student lenders will approve your application in just a few minutes. But if your application requires additional review, it could take up to two weeks for approval. After this, there are a few more steps before you’ll get your funds. Here’s a brief look at the timeline for private student loans:
- Application: There’s no specific deadline for private student loans. But if you already know your costs will exceed federal loan limits, it’s smart to apply well before your tuition is due. This gives you more time to compare as many options as possible so you can find the best loan for you.
- Certification: Before the private student loan lender will disburse your funds, they’ll work with your school to certify your enrollment status, cost of attendance, and other details. This might be a quick process — but again, it’s best to plan for delays. The certification process usually takes about 7 to 10 days, depending on the school.
- Disbursement: Most private student loans are disbursed at the start of the semester. The funds are typically sent directly to your school, which takes out tuition and fees. You’ll get whatever money is left over to cover costs like housing and books.
From start to finish, it can take up to a month to get a private student loan. While the best private student loans are often approved quickly, apply as early as possible to avoid last-minute delays.
You also want to give yourself enough time to compare as many lenders as possible to find the best loan for you. With Credible, you can see rates from multiple lenders in as little as three minutes — without affecting your credit score.
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