Frequently Asked Questions
- What if I have bad credit or no credit at all?
- Why should students use TuitionU.com?
- How do I choose the right loan?
- How does TuitionU.com determine which lender/loan options will be displayed?
- What information will I need to have ready if I apply for a private loan?
- What are private student loans?
- How do I know if I need a private loan?
- How can I apply for a loan using TuitionU.com?
- How does TuitionU.com make money when there are no costs to the student, Lender or School?
What if I have bad credit or no credit at all?
There are loan options available that are not based on creditworthiness. For example, Federal Stafford Loans are based on financial need, and do not require a credit check. Scholarships, grants and Federal Work-Study may be available to families regardless of their credit situation. These are all options you should investigate before considering a private loan. Private loans do require an established credit profile and many require you to have a co-signer to qualify. A co-signers can be a family member or a friend.
Why should students use TuitionU.com?
A: There are literally hundreds of sources for higher education financing that students, schools and parents are unaware of. Many of these are small member owned credit unions and community banks who offer more aggressive rates/terms to people who meet their membership profile. While many of these organizations do provide very attractive student loan programs they simply do not have the budget dollars to compete with the national banks. TuitionU strives to help students, parents and schools discover these (and other) opportunities so families can make a more educated choice when seeking the right loan provider.
- Determine how much money you need for school and make a plan. How much have you saved? Have you applied for all the scholarships and grants you can? Have you considered asking family and friends for support before considering taking out a loan?
- Be sure to fill out the Federal Student Aid Form (or FAFSA) so you can have access to federal student loans. Always consider using the federal loan programs before seeking a private loan. Perkins, Stafford, and PLUS loans tend to carry lower, fixed interest rates and many times have more favorable terms than alternative loans.
- If you are still short then it might be time to consider a private loan. Many private loans have adjustable interest rates and require a co-signer so you should have a good idea of what your credit score is and who might be willing to help (a family member or friend).
How does TuitionU.com determine which lender/loan options will be displayed?
TuitionU filters lender and loan options based on the criteria you place in the search fields. Using that information we attempt to display what appears to be the most appropriate lenders for your needs. Search criteria includes but is not limited to your estimated loan amount, credit rating, as well as the location of residence, school, employers and associations.
- Identification (Driver’s license, state ID, Passport or military ID)
- Proof of enrollment (letter from school, tuition bill, school certification)
- Your mailing address and contact information
- How much you pay in monthly rent or house payment
- The name of your employer and occupation
- Your employer’s phone number
- Proof of income (w-2, full tax returns, or copy of paystub)
- The contact information for a couple references
- The name of the school you will attend
If you are using a co-signer then many of the items above will also be needed from them.
TuitionU.com does not represent the lenders listed on this site and can’t help you with your application. If at any time you need general support or have questions on how to contact a lender, we would be happy to assist.
What are private student loans?
Private student loans are typically unsecured loans made by a bank or lending institution to an individual to help pay for the cost of an education including tuition, room and board and other education related costs.
How do I know if I need a private loan?
If you have followed the recommended steps it’s probably becoming much more clear. Have you exhausted all of your resources for free or very low interest funds including grants, scholarships and federal loan options? Have you asked for support from friends, family and your community where available? If you have done all of this and still need additional money then a private loan might be right for you.
How can I apply for a loan using TuitionU.com?
After searching for a lender or loan program on TuitionU a number of options should appear. If you have found one that seems appropriate you will be able to click on the apply now button which takes you to the lenders website or you can call their toll free number which will also be listed. You are not obligated to use either option and at times might desire to learn more by going to the lenders website or searching the Internet for additional reviews from other users. The choice is yours!
How does TuitionU.com make money when there are no costs to the student, Lender or School?
TuitionU.com is managed by its parent company Cology, Inc. Cology offers many products and services to lenders, banks, schools and students including loan origination and loan servicing technology called Volta®. When partner organizations transact business, Cology may (or may not) earn income from that activity. Some, but not all lenders participating in TuitionU.com may be clients of Cology, Inc. and while there are no requirement for them to participate in the TuitionU.com marketplace, Cology does offer this service to support these organizations.