Some lenders offer a quick approval process for loans initiated by telephone or by the Internet, and this is an almost immediate way to find out if you are approved for a credit-based educational loan. If your credit application is approved, you can print out your application from the lender's Web site, the lender will mail you a pre-printed loan application, or, if available, you can electronically sign the application online. You must then forward your application to the Financial Aid Office for certification. In some cases, you will submit your signed promissory note to the lender, and the Financial Aid Office will be contacted for an electronic certification.
If you think you might have credit problems, and you are concerned about having the funds you need to finance your education, keep in mind that this loan approval process can be done very early, usually beginning in May for the coming academic year. While you do not need to be admitted in order to initiate a loan application, because many lenders offer preferred terms to some schools, you will be asked which school you plan to attend. Just remember to check with your lender to find out how long the loan approval lasts.
