When you apply for an education loan through Chase, the lender will contact your school before approving and disbursing the funds. The financial aid department at your college or university must certify, or approve, the amount you have requested.
This is considered a safety net of sorts, designed to make sure that you are borrowing responsibly and not incurring more student loan debt than necessary. When the amount is approved your loan will be disbursed.
The important thing to remember is that a financial aid adviser is not always privy to all of your expenses and needs. The buck doesn't stop with tuition and books. Make sure to meet with someone in the financial aid department and explain that you applied for more money than needed for tuition because your program requires certain supplies that you must purchase on your own.
Now your adviser will take into account all relevant factors when certifying your private student loan amount. This can avoid unnecessary delays in receiving your funds. Delays can cost you lots of time and money when it comes to college, so planning in advance can minimize the hassles inherent in college financing.
|Jennifer Mathes, Ph.D.|