How to apply for a loan?
First, you need to select which repayment option works best for you. Then, you just follow the directions outlined on the website of this education financing provider. You can apply by phone or by submitting a form. Repayment plans that require the presence of a co-signer might require additional steps.
Requirements
The eligibility requirements depend on the loan you plan to take. Regarding federal loans, eligibility depends on which repayment plan you pick – Extended Repayment, Graduated Repayment Plan, or Standard.
To be eligible, the borrower should:
- Be a US citizen and be of a majority age in their state of residence (18 or 19);
- Satisfy a credit pull conducted by Navient;
- Provide income proof to show the ability to repay the loan. The proof of income can be verified with W-2 or 1099-MISC forms, a paystub copy issued within 60 days, SSI award letters, statement of retirement income, Federal tax return.
- Prove a proof of graduation or a completion of study or course.
The rules for applying for different repayment plans differ, but in general, you'll be asked to submit the following documents for review: valid ID, SSN, income information, SSN, bank information, and tax data.
The time to consider an application depends on several factors, but doesn't differ much from the average. The processing can take up to six weeks, but it's usually shorter than that. The main reasons your application might be turned away or delayed are bad credit history, insufficient credit score, inadequate information or documentation, and several other issues.
