Credible<\/a> to compare lenders.<\/p>\n2) Understand How to Apply<\/h3>\n
Once you select a lender, you will need to complete an application.\u00a0 Most private student loan applications can be submitted online and take an average of 15 minutes to complete.<\/p>\n
3) Get an Approval Decision<\/h3>\n
After reviewing the disclosure and submitting your application, the approval process begins. Some lenders use a manual review process that could take a few days while others produce an instant decision. During the approval process, the lender evaluates your credit history, among other criteria, to determine whether to approve you for the loan.<\/p>\n
4) Accept and Sign Your Loan Terms<\/h3>\n
Once approved, the next step is to review and accept the terms of the loan. \u00a0After you finalize the terms of your loan, you receive a second required disclosure, this time with specific information regarding rates, fees, and other terms of the loan. This disclosure shows you all of the information about your specific loan and how much it will cost. After you accept the terms of the loan, you\u2019ll sign the remaining loan documents to continue. Most lenders will let you sign your loan documents electronically so you can skip printing and mailing.<\/p>\n
5) Wait for School Certification<\/h3>\n
During\u00a0<\/span>certification, the lender will send your loan details to BU to confirm several things including your enrollment status (half-time or full-time), your anticipated graduation date, and your requested loan amount. The loan cannot exceed the cost of attendance.<\/p>\nBU can certify the loan as is, certify the loan with changes, or not certify the loan at all. When certifying a loan with changes, BU can lower the amount of the loan if it exceeds the maximum cost of attendance (minus other aid), or could adjust things like your expected graduation date.<\/p>\n
If BU makes changes to the loan, your lender will often need to generate new disclosures to make sure you have the latest information. You may need to accept the new disclosure, so keep an eye out for communications from your lender.<\/p>\n
6) Your Student Loan Provider Disburses Funds to Your School<\/h3>\n
Once your loan is certified by BU, your loan will be scheduled for disbursement. Student loan disbursement is how BU gets the funds you applied for to your student account. Credit-based student loans are typically sent straight to BU; they are not sent directly to you (the student).<\/p>\n
In terms of how long it takes to get your student loan, BU sets the disbursement date, which is typically on the first day of class each semester.\u00a0 It\u2019s best not to wait too long to apply to avoid any unexpected delays.<\/p>\n
Typically, your private student loan lender will inform you when your private student loan is disbursed, and will be sent to your school in 2 disbursements if you applied to cover more than one term.<\/p>\n
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Prequalified Rates<\/h3>\n
\u00a0*Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Rates and terms are subject to change without notice. Rates from Lenders may differ from prequalified rates due to factors which may include, but are not limited to: (i) changes in your personal credit circumstances; (ii) additional information in your hard credit pull and\/or additional information you provide (or are unable to provide) to the Lender during the underwriting process; and\/or (iii) changes in APRs (e.g., an increase in the rate index between the time of prequalification and the time of application or loan closing. (Or, if the loan option is a variable rate loan, then the interest rate index used to set the APR is subject to increases or decreases at any time). Lenders reserve the right to change or withdraw the prequalified rates at any time.<\/em>
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