Question: My daughter will have to apply for a private student loan to finish her last 3 semesters of undergrad work. The 3 semesters will span from January 2008 to May 2009 (Winrer ‘08, Fall ‘08 & Winter ‘09). I’ve helped her research options but I have a question to which I can’t seem to find the

Does she apply for all 3 semesters at once, or 1 semester at a time?

She is billed by the semester so any costs for semesters 2 & 3 would be estimates on our part. She has been billed for the first semester.

Thanks in advance for any and all help.

Answer: Private student loans are are typically made for each college year. Your plans cover two college years.

So she’d apply now for just the remainder of this college year ending 5/08.

Then she’d apply just once more for the entire 08-09 year (9/08-5/09). The lender would make two disbursements – half of the total at the beginning of each semester.

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