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Author Topic: Loans In Certification Process??? Can something go wrong from here?  (Read 2574 times)

PeppWaves03

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I am about to be a 1L and quit my job although I am stressed about our loan situation. I have applied for a Plus and Stafford loans and both loans show as being in the "certification process. Borrow application complete." I have emailed my law school and they say they wont begin to certify loans until the beginning of August. I need to quit my job but I am afraid if the loans dont go through I will be out of a job and cant afford to attend law school. I have already been registered for 15 credit hours and have done everything as far as the law school financial aid office entrance exams, accepting award letters etc.

Can anyone share any information regarding the certification of the loans and if something can go wrong from here on out?

Thanks!

PeppWaves03

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Approved or declined based on the amount you need to borrow? So the lender approves the amount your already applied for on the Stafford and Plus Graduate Loan? So the lender hasnt already pre-approved you for the amounts? I was under the impression the certification was just the lender veryfing the loans you already applied for are correct with other financial aid you may be receiving and the cost of attendance?

jsb221

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Re: Loans In Certification Process??? Can something go wrong from here?
« Reply #2 on: August 15, 2009, 11:24:45 AM »
My understanding of loan certification is that this is when the school verifies you are attending and certifies what the cost of attendance is, as you cannot borrow more than the cost of attendance, which includes tuition, books, living expenses, etc.

chi2009

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Re: Loans In Certification Process??? Can something go wrong from here?
« Reply #3 on: August 17, 2009, 03:49:10 PM »
My understanding of loan certification is that this is when the school verifies you are attending and certifies what the cost of attendance is, as you cannot borrow more than the cost of attendance, which includes tuition, books, living expenses, etc.

That's my understanding, too.  My loans only went into certification after they'd been approved.  But you could probably find out by calling the lender and just asking them what that means.