Student Loans

[Jatindrj]

Hi all. I am getting ready to start graduate school and am in need of financial aid. I filled out my FAFSA and am waiting on my school to send me my login information so I can view my financial aid eligibilities. In the even that I need a loan, when would the best time to apply for it be? Should I wait another few weeks? Or should I just apply now? If I apply now and am approved, can I then decline to take the loan? I was thinking about going through Discover or Sallie Mae. Any suggestions?

Thanks!

[laz98]

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Jatindrj wrote:

Hi all. I am getting ready to start graduate school and am in need of financial aid. I filled out my FAFSA and am waiting on my school to send me my login information so I can view my financial aid eligibilities.

What do you mean, you are waiting for a login?  Do you mean specifically for your school, or for the federal financial aid website?  Is this the 1st time you have filled out a FAFSA?

In the event that I need a loan, when would the best time to apply for it be?

Your FAFSA should be filled out as soon as you can after you file your taxes.  Since you have already done it, I guess you are asking about private loans?  I don't have any experience with private loans, so maybe someone else can tell you.  I don't think there's a good time or a bad time to do it, I guess.

If I apply now and am approved, can I then decline to take the loan?

With federal loans, yes, I know for sure that you can.  With private loans, I don't know.  I would imagine so.  I can't see them forcing you to take the loan.

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[Jatindrj]

I am waiting for my login for the school. They said I would be able to login and see all my account info including financial aid packages. Thanks for your help