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How should I take out a student loan. Should I take it every semester, year?

pashlitpashlit Posts: 2Registered User New Member
Hello,
I am about to apply for a student loan, but I don't know how all that works. Like, lets say, I need 6k per semester or 12k per year. Roughly 48k for four years of college. When applying for a loan what number should I put in? I mean, if I need 6k for upcoming semester should I apply for 6k loan? And then apply again next semester for another 6k? Or should I put the whole tuition cost for all four years? 48k in that case. I wouldn't like to take the whole 48k now and accrue a lot of interest but I also don't want my credit report to be checked every semester while applying for another 6k I need? And if approved for a loan can I just take a portion of it or should I accept the whole amount?
I am sorry for confusion and for such a naive answer, but I never applied for any student loans and really don't know how the whole process works. Your input is much appreciated.
Post edited by pashlit on

Replies to: How should I take out a student loan. Should I take it every semester, year?

  • swimcatsmomswimcatsmom Posts: 14,998Registered User Senior Member
    In most cases you do not have a choice. The amount of a student loan is usually certified by the school you are attending. It is for the school year and is usually disbursed in equal installments depending on your school's system (2 installments for a semester system, 3 for a quarter system).
  • pashlitpashlit Posts: 2Registered User New Member
    I am talking about private loan. Not the federal one. When applying for private loan I should put a number I want to borrow. But I dont know what number to put.
  • swimcatsmomswimcatsmom Posts: 14,998Registered User Senior Member
    I believe even private student loans are usually linked to the COA for the year of the school you are attending and must be certified by the school. There was a thread complaining about this the other day. The borrower was approved for several thousand but when the loan was disbursed the lender would only disburse a few hundred because that is all the school will certify.

    Student loans are not dischargeable by bankruptcy which is why lenders are so willing to lend so much unsecured. But they have to follow rules and regs in order for it to be a student loan. Does the lender not have this information available?
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