In a perfect world, a prospective college student would choose the right school, and fill out out all of the proper paperwork for guaranteed-approval student loans that could help to pay the tab for tuition well in advance of the semester starting. In reality, many students procrastinate, and don’t have all the details worked out in the weeks that come before the start of classes. For students like this, quick student loan approval is vital, and private companies can make that possible.
Exhausted Federal Options
When it comes to instant student loans, federal options may simply be unavailable. The U.S. Department of Education suggests that students who begin the loan application process can expect to spend up to three weeks waiting for a summation letter that contains all the information the student provided on the Free Application for Federal Student Aid. Then, that information must be shared with the school, and administrators might need a few days or weeks to notify the student that the loans have been approved.
This process is far from speedy, and while students might get favorable terms on loans from federal sources, that help might come much too late to assist students who face an immediate funding gap that simply must be filled. These students need instant student loans, and the private sector is a much better option.
Few students need same-day student loans, as most have parents who help them navigate the loan process and make their selections well in advance. But there are some students who do face the unexpected, and these students are left in dire need quite suddenly. For example, in May of 2013, The New York Times reported that at least 375 colleges were still accepting applications for the fall term. Students took advantage of this opportunity and decided late that they want to go to school may have needed same-day student loans to make it happen. Students have also been left in the lurch when parents who had planned to pick up the tab suddenly have a change in finances and can no longer pay for school.
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