Student Loans - Frequently Asked Questions
Q. Who's eligible?
- U.S. citizens enrolled at an eligible school in the U.S.or study abroad program, or who are studying at a medical school outside the U.S.
- International students are eligible with a creditworthy cosigner (must be a U.S. citizen or permanent resident) and U.S. Citizenship & Immigration Service (USCIS) documents.
All students who apply with a qualified cosigner may reduce their interest rate and possibly improve their opportunities for loan approval.
Q. What is the loan process?
A. There are 4 steps.
Step 1 - The borrower completes an online loan application at www.salliemae.com/smartoption/fsbwaupaca. The process takes around 20 minutes and you can learn immediately if you have qualified.
Step 2 - The financial aid office at the school the borrower attends (or plans to attend) certifies the borrower's eligibility for the loan amount requested.
Step 3 - Once certified, the loan will be fully approved and scheduled for disbursement to the financial aid office at the school the borrower attends.
Step 4 - When the school receives the funds, the school applies the loan proceeds to the student's account. If the amount received is higher than the total owed by the borrower to the school, the school will "refund" the excess amount to the borrower.
Check out www.salliemae.com/smartoption/fsbwaupaca to apply or find loan pricing, repayment terms and details.
Farmers State Bank