Frequently Asked Questions
Student Loan Application
Q. Do I need to list a school in Item 12 if I am unsure at this time?A. List the school of your choice. The school can be changed at a later date.
Q. Do I need to list a major and occupation in Items 17 & 18?A. A major and occupation must be listed.
Q. What is an endorser?A. An endorser is one who will be responsible for repayment of your loan should you default. You must provide a credit worthy endorser. You cannot name yourself.
Q. What is meant by credit-worthy?A. Criteria used to determine credit worthiness includes such information as: accounts paid on time, current balances less than limit, time accounts have been open, collection accounts/public records.
Q. What is the deadline date for submitting an application?A. Completed applications are accepted as long as funds are available.
Q. How long will it take to know if my application has been approved? A. Usually, one to two weeks after all requested supporting documents such as transcripts, letter of acceptance, etc., have been received.
Q. What if I have additional questions concerning the application? A. Please call our office at 800.864.8308, Extension #100.
Promissory Note
Q. What is the deadline for returning my Promissory Note?A. Within 30 days of your approval letter.
Q. What if I need more time to return my Promissory Note?A. Call and we will be glad to extend your deadline.
Q. Where can I find a notary public?A. Your local bank, college, or you may look in the yellow pages for notaries in your area.
Q. Who is the “maker” and who is the “endorser”?A. The student is the “maker” and the person who agreed to sign with you for the loan is the “endorser”.
Q. Do we need to use the same notary? I live in a different state than my endorser.A. No. You can use different notaries. Just remember, do not sign the Promissory Note until you are in front of a notary.
Q. Can I mail the Promissory Note and the check request separately? A. Yes. Once your Promissory Note is received, you will receive notification from Pickett & Hatcher.
Q. Can I scan or email the signed Promissory Note?A. No. The Promissory Note is a legal document and we must have the original.
Q. We canceled part of our loan for this year. Will I receive a new Promissory Note?A. No. You will use the original note mailed to you. At the end of the academic year, you will receive a Loan Summary Report form and the form will show the amount you canceled.
Q. What if I have additional questions concerning my Promissory Note? Who do I contact?A. Please call our office at 800.864.8308, Extension #103.
Check Request
Q. What is the maximum amount I can request per term? A. Your approval letter lists the maximum amount you can request per term.
Q. What is the earliest date I may request a check?A. The date you want a check to reach you should not be more than thirty days before the first day of class.
Q. Are checks mailed to my college address?A. No. Checks are mailed only to the permanent home address as shown on your student loan application.
Q. Will my check be deposited directly into my checking account?A. No. Checks are mailed only to the permanent home address as shown on your student loan application
Q. May I use the funds for off campus housing?A. Yes, funds may be used for any college related expenses.
Q. What if I have additional questions concerning the check request? A. Please call our office at 800.864.8308, Extension #103.