Frequently Asked Questions about Student Loans

When getting student loans, you probably have a million questions that you want answers to ensure this is what you really want to do.  In order to satisfy you and get you the information you would like to have, we made a frequently asked questions page geared specifically toward the most popular questions that exist today.

Can I Get Both Federal and Private Loans?

When it comes to student loans, you can get approval for both federal and private loans.  The reason that some people opt to take out both types of loans is because they get approval for only partial amounts of federal loans but feel as if they will need more for college.  This is usually the case because many times when people apply for federal loans they do not end up getting the full amount for tuition.  In order to supplement their federal loans they decide to get private loans.

Can I Defer my Student Loans?

Depending on your circumstance, you may be able to defer your student loan.  Deferment of student loans is allowed in certain instances, for example, if you are looking to proceed to graduate school and would like to pay for the loan when you have a full time job.  Another popular reason that people request deferments on their student loans is if they plan to join the army right after college or have decided to do something like the Peace Corps that do not pay you a salary.  Personal instances like pregnancy or declaring bankruptcy may also allow you to get deferment on your student loans as well. In order to see if you are eligible for deferment, you need to apply with your loan office.

If I Have Bad Credit Can I Still Get a Loan?

No matter what your credit score may read, you will definitely be eligible for some type of student loans.  Not all types of loans do checks on your credit score before giving you a loan, and the ones that do only check to see if you have outstanding loans that you have not paid off.  For the most part, your credit score should not interfere in any way from you getting a student loan. Federal student loans often do not require a credit check because the students who would be taking them out often have no credit history.