Anyone with student loans understands how the process of obtaining student debt is extremely complicated. Not only do student debt borrowers typically have to complete financial paperwork with their schools, but they have to submit paperwork with student loan lenders as well. Sometimes people need to secure student loans on short notice because they just got admitted to a program or their circumstances change. However, if you keep a few things in mind, getting student loans in a hurry is possible in a variety of circumstances.
Plan Ahead
The most important thing to keep in mind when getting student loans in a hurry is to give yourself as much time as possible. It often takes weeks to secure student debt. This is because applicants often need to complete long questionnaires and attach supporting materials when they apply for student loans. In addition, schools often need to receive funds well in advance of the academic year in order to process matriculation.
As a result, if you know that you will be entering an educational program, it is important to begin the process of obtaining student loans as soon as possible. Indeed, when I was transferring law schools, I began this process even before I was admitted to a new program, since I wanted to ensure that I had funding secured by the time I entered a program. So long as you have several weeks before any deadlines, you should have enough time to secure student loans to attend an educational program.
Assemble your Documents
Another important consideration to keep in mind when getting student loans in a hurry is to assemble your supporting documents as soon as possible. Borrowers often need to submit tax returns, pay stubs, bank statements, and other records in order to apply for student loans. In addition, cosigners also need to provide similar documents in order to cosign debt. It is important to get all of these materials for yourself and your cosigner as soon as possible, since this process can take longer than merely completing a student loan application.
As previously mentioned on this website, my grandmother cosigned my student loans and the student loans for my brother. My grandma lived in Florida, and she was not too tech savvy. When we needed her financial forms in order to support our student loan applications, my grandmother had to mail these documents to us. This added several days to the process, and we were happy that we asked for the materials as soon as possible. If you have all supporting materials ready when you start completing student loan applications, you will cut down on the amount of time it takes to secure student loans.
Apply to Multiple Lenders
Another strategy to employ when getting student loans in a hurry is to apply to multiple student loan lenders. There are many benefits to applying to numerous student loan lenders. It is best to compare offers and see the different interest rates and other terms that can be obtained from various lenders.
However, it is also important to apply to multiple lenders so that you can have multiple applications pending in case one of the applications does not go through. This is especially important if you need private student loans to cover some or all of the cost of your educational expenses like I did to ensure that one of your applications goes through before you need to provide funds to your school. Generally, many student loan lenders will allow you to go forward with most of the process of obtaining the funds without finalizing anything. Borrowers should take advantage of this so that they can set themselves up to finalize one of their student loan applications in time to secure funding to attend school.
Talk to Professionals
When getting student loans in a hurry, it also pays to talk with professionals when you need help. Most schools have financial aid staff who are trained in the process of borrowing money to pay for educational costs. These individuals can answer questions, suggest lenders that borrowers should research, and may have materials that can guide students through the confusing student loan application process.
During my own student debt repayment saga, I relied on financial aid staff at the schools to which I applied. My financial aid adviser in college was a huge help, and he helped me navigate the process of applying for private and federal student loans. When I was applying to law schools, I also made sure to keep in touch with financial aid staff so that they could guide me through the process of securing funds to attend law school. While I was applying to transfer law schools, I kept in regularly communication with the financial aid personnel of all the schools to which I applied, since I had to secure funding on short notice during the transfer process. Furthermore, it may also pay to speak with a private college counselor, since these professionals may also know steps borrowers can take to secure funding on reasonable terms.
In the end, the process of securing student debt is extremely confusing, and this confusion can be compounded by the fact that student debt must sometimes be secured on a tight time-frame. However, with enough time, and by applying to multiple lenders, it can be easier getting student loans in a hurry. In addition, various professionals can also make it easier for borrowers to secure student debt in a short amount of time.