I completed a student loan application and was credit approved, they said they just need to get some information from my school. Well its been over 2 weeks and the application is still incomplete and i need the money now so i can pay for my dorm or be forced to move out. Does anyone know how long this usually takes?
P.S Yes i have heard the bad things about sallie mae.. i wouldn't have applied for this loan from them if i didn't have to.. so please spare me the "don't go with sallie mae" talk.
2007-10-03 10:01:29 · 0 answers · asked by ale961 1 in Education & Reference ➔ Financial Aid
Have you discussed with your FAO regarding the missing information?
Sometimes the schools send information for many students at one time and only report one a week, two week, etc. So your FAO might be sitting on the information. Believe me, with a government -backed loan, the quicker they get the money out, the faster they can collect interest.
Once your information is received and processed the loan distribution is quick.
There are a few loans every semester that are distributed late and schools understand this and usually let you stay at your dorm and deduct the fees once your loan is sent to the school.
I would visit, not call your FAO, and nicely ask if they received all the information from you so that the application can be processed.
FYI, Sallie Mae is a great company and are very helpful, especially when you start paying the loan back. As long as you keep in contact with them, letting them know of your address changes and so forth, you will discover that they bend over backwards to help.
2007-10-03 12:17:18 · answer #1 · answered by greentadpole 6 · 2⤊ 0⤋
Sallie Mae Loan Processing Time
2016-10-30 22:44:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
1
2016-10-24 00:09:23 · answer #3 · answered by ? 3 · 0⤊ 0⤋
Ok, I won't go into the sallie mae thing. But it doesn't hurt to have a plan 'b'. I'd suggest applying at some other lenders, since you've been credit approved, you can certainly get approved with the as well. If the money from Sallie shows up in time, you simply decline the other loan offers.
A couple I recommend for private student loans are Chase Bank, they have an online application you can submit anytime, even tonight. You can reach them through http://www.usadegrees.com/chase/ They'll get you approved and have a check out to you in about 7 - 10 days.
Also try Student Loan Advisors at http://www.studentloanadvisors.com/ they also can get you a check within 7 to 10 days if something continues to hold up the money from Sallie Mae.
The last thing you want to happen is to have to try to find a place to live because a loan came in late. Good Luck!
2007-10-03 16:12:07 · answer #4 · answered by Anonymous · 0⤊ 1⤋
If the loan is waiting to be certified then I would check with the school. They will still have to determine the amount you are actual eligible for based on your cost of attendance and the other aid you may have already received. Since this is still a peak time for financial aid offices with fall just starting, it could take time based on their work load. Again, check with your counselor see if they can rush it.
I know you made comments about Sallie Mae and maybe the delay is a good thing. If your credit is good there are MUCH better choices for alternative loans on the market. Have you really checked the fees (repayment and origination) not to mention the interest rate? Sallie's loans are among the highest. Sorry had to throw that in.
Good luck.
2007-10-03 14:09:32 · answer #5 · answered by John 3 · 0⤊ 0⤋
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2007-10-03 17:56:09 · answer #6 · answered by Anonymous · 0⤊ 2⤋
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2014-09-25 11:29:28 · answer #7 · answered by Anonymous · 0⤊ 0⤋
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About three brain cells. You don't f--- with Uncle Sallie.
2016-04-10 09:14:21 · answer #8 · answered by ? 4 · 0⤊ 0⤋
Shouldnt take that long, I work for the school. Try this number 1-888-272-4665
2007-10-03 10:39:26 · answer #9 · answered by wishingwaiting2night 1 · 0⤊ 1⤋
Need more details
2016-07-30 04:19:26 · answer #10 · answered by Eartha 3 · 0⤊ 0⤋