Quick Question About a Loan, please!

  1. 0
    Bottom line, is there any reason someone would NOT qualify for a Federal Subsidized/Unsubsidized Loan, aside from what is listed below? I've never taken out any type of loan before, so kind if clueless.

    My EFC is 02060 and with Pell/Hope this semester, I still have to pay a decent amount out of pocket. I have savings, but recently decided to quit my job for nursing school, long story short. So I'm just curious if anyone knows for certain if there is any reason they could deny it.


    • Be a United States citizen or an eligible noncitizen with a valid social security number

    Check.

    • Be working toward a degree or certificate in an eligible program.

    Check.

    • Have a high school diploma, GED or pass an approved ability-to-benefit (ABT) test.

    Check.

    • Register with the Selective Service if you're a male between 18 and 25.

    Check.

    • Maintain satisfactory academic progress.

    Check.
    Last edit by Iridescent Orchid on Aug 15, '11
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  3. 3 Comments so far...

  4. 0
    i dont think they will deny you being that its your first time on federal loan..unless they are out of funds..yeah this economy..but i am sure you will get it.
  5. 0
    Quote from sohardtobeanurse
    i dont think they will deny you being that its your first time on federal loan..unless they are out of funds..yeah this economy..but i am sure you will get it.
    Thank you. I'm just nervous because this is my school's very first time participating in federal student loans. I just wanted reassurance on the whole ordeal, considering they are also running a bit behind - it's dragging out my anxiety and confirmation dealing with the loan. I've completed my entrance counseling and my MPN online and made copies of it...not sure what else will need to be done.
  6. 1
    I took out an actual loan for the first time for this Fall too. I qualified without a problem, some subsidized, some not. . I only accepted the subsidized part though. I did everything I needed to do like you did, counseling, MPN, ect. The only think I needed to do besides those things was actually tell the financial aid person that I wanted to be considered for a student loan because when I initially applied for aid (Pell Grant) I had selected that I didn't need a loan.
    It doesn't seem like many people get denied though so I'm sure you will be fine!
    Iridescent Orchid likes this.


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