With some lenders no longer offering student loans to certain institutions—or no longer issuing student loans altogether—this is a tough and confusing time for students trying to receive funding for the upcoming academic year.

At American Student Assistance^® (ASA), we understand this, and we’re here to help you. Below, we offer a few tips so you can achieve student loan success—and a healthy financial future.

1. Open mail from your student loan lender or financial aid office. Even if you received a student loan last year, you may have to choose a new lender this year. If this happens to you, a financial aid officer at your school can guide you through your new, required paperwork. Neglecting this easy-to-do paperwork could mean big problems—many colleges won’t let you register or move into campus housing with an unpaid tuition bill.
2. Be proactive. Most lenders that are reducing or ending their student loan participation are directly notifying their borrowers and/or school clients. However, it doesn’t hurt to contact your lender or financial aid office to double check your lender’s participation.
3. Work with your school. Some schools have been hands-on in aligning borrowers with lenders. Remember, though, the school can provide you the list of lenders they work with, but you decide which to choose.
4. Consider PLUS Loans. Parents can take out PLUS Loans, which can be worth up to a student’s cost of attendance minus other financial aid received. Cost of attendance includes not only tuition and books but also things like room and board and possibly transportation. If you qualified for a private loan, you will most likely qualify for a PLUS Loan. Turn around time for these loans is typically a week or less.
5. Know your federal loan options. If your parent was denied a PLUS Loan, don’t assume you have to take out private loans. As of July 1, 2008, students in this situation can apply for additional unsubsidized funds. Freshmen and sophomores, you can request an additional $6,000; juniors and seniors, you can request an additional $7,000.
6. Have your information ready. In order to fill out a student loan application (called a Master Promissory Note, or MPN), make sure you have on hand your valid e-mail address, the PIN you used to fill out your Free Application for Federal Student Aid, your driver’s license, and contact information for your 2 adult references. If a field does not apply to you, write “N/A.” Leaving anything blank can cause delays in fund delivery. Once completed, review the MPN thoroughly to ensure its accuracy. MPNs are legal documents, so if you’re filling out a paper version, do not alter it unless you need to correct any of the information. If that happens, initial your changes. In most instances, you can fill out an MPN online.
7. Monitor your account until the school receives payment. August and September are key times for tuition bill due dates. Track your funds to make sure they made it to your school.
8. Don’t blow off Entrance Counseling. All borrowers of federal student loans must complete Entrance Counseling to receive their loans. This informative session explains your rights and responsibilities as a student loan recipient. Repayment may be years away, but it’s never too early to start thinking about how you’ll manage your student loan debt.
9. Retain your paperwork. Due to the disruptions in the student loan industry, you may have to switch student loan lenders or the government may purchase your loan after it’s disbursed. If this happens, you’ll have multiple monthly payments after you leave school, possibly to different companies. To avoid confusion, hang on to all your student loan paperwork so you can easily keep track of your multiple lenders and loan amounts.
10. Contact American Student Assistance^® for help. As the designated guarantor for Massachusetts and Washington, D.C., we are here to help you navigate these challenging times. Our call center representatives are available 8:30 a.m. – 9:00 p.m. on Monday through Friday and 9:00 a.m. – 2:00 p.m. on Saturday (all times Eastern). Just call 800.999.9080, press 1, 1 again, and then 3. You can also e-mail customersupport@amsa.com, and we’ll respond as quickly as possible.