Biggest Student Loan Mistakes

Are you filling out your student loan application and finding yourself at your wit’s end? Yes, student loan applications can be that intimidating. There is so much you don’t know and then you are also worried about the mistakes that can cost you. However, a lot of student loan blunders can be avoided by being a little proactive. Once you know what can go wrong during the application process, you are in a better position to get the financial aid you want and the right amount of it. Have a look at these biggest mistakes that you must avoid to get your desired loan.

1. Procrastination kills!

Know the deadlines beforehand. Start working on the information you need and go through the procedure long before the deadline, so you don’t panic in the end. This often leads to blunders. The biggest blunder on your part would be missing out on the deadline, just because you didn’t do your homework.

2. Blanks mean forgetfulness

You are filling out your student loan application but you find that there are questions that don’t apply to you. A common blunder by students is to leave that part of the application blank. The system interprets the blank as information that you forgot. So, you must fill out the complete application form and put a zero or not applicable instead of leaving it completely blank.

3. Haste makes waste

Are you in a hurry to get your application form submitted? Do you know that lack of patience on your part can backfire? Yes, don’t just try to get over your application form in a hurry. Make sure that you check it thoroughly for errors. Mistakes made in haste can result in unwanted delays or even a complete disqualification. Always double check information whenever you are submitting an application form.

4. Losing your records

Do not lose your documents at any cost. By having the records intact, you will have the proof that you submitted the application. You must be ready to prevent any situation that can count you out of financial aid or a student loan. Be proactive!

5. Greed will put you in trouble

Don’t borrow more than you need. You may think have a greater amount of loan at hand makes sense, but remember that you need to pay interest on it, and you need to pay it back as well. Don’t accumulate unnecessary debt as it can get quite stressful for you in future. Just borrow what you need, nothing more!

6. Not seeking help

Are you confused about the information you need to put in your application? If the application process is giving you a hard time, don’t be afraid to seek help from the right sources. Contact the relevant authorities and avoid confusion. If you follow your own assumptions, you will end up wasting your time and effort.

7. Numbers can go wrong

A lot of numbers are involved in the loan applications. When crunching numbers, there are chances that you may jumble them up. You may read those numbers incorrectly or make a mistake. A few errors can lead to delays in the process and unnecessary stress. To keep trouble to the minimum, make sure you double check all the numbers. Ask someone to read them aloud for you, so you know that they are correct.

8. Incomplete picture

An important part of your student loan application is the information you provide about your parents or guardian. Make sure that the information you give is accurate and complete. Plus, don’t make the mistake of giving the wrong household size. The number of people in your household also includes you!

9. Forgetting to sign off

It often happens with students that they fill out the form correctly but they totally forget to sign it in the end. You must keep in mind this common mistake made by others. Also check if your parents or guardian have signed all the places on the form. Check twice if all the required signatures are there.

10. Failing to apply

There are so many instances where students assume that there is no way they can get financial aid. Your own doubts and unwillingness to make an effort can keep you from getting the loan. Applying for financial aid increases your chances, its as simple as that. If you don’t apply for a loan at all, you kill all the possibilities yourself.

It is good to learn from your own mistakes, but it is even wiser to learn from the experiences and blunders of others. The above mentioned can keep you a lot more alert when you are filling your student loan application and it will also save you from unwanted trouble. If you have similar application experiences or mistakes that got you in trouble, feel free to share with us in the comments section below.

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