Frequently Asked Questions

1. How can I apply for loans with Access Group?
2. What is e-signature and how does it work?
3. How much can I borrow?
4. How long will it take to process my loan (or get my money)?
5. Where will my loan funds be sent once I'm approved?
6. When do I have to pay this loan back?
7. Is a credit check required for my loan?
8. Can I get a better rate if I apply with a cosigner?
9. I have been denied credit. What can I do?
10. Can my cosigner/endorser apply online?
11. Can my cosigner/endorser or sponsor e-sign the loan agreement?
12. What are the costs associated with my loan?
13. I'd like my mother/father/spouse to be able to get information about my loans. How can I do that?
14. Can I get pre-approved for my loans?

If you still have questions, e-mail us at apply@accessgroup.org.

Federal applications can be submitted via paper, web, or phone at 800-282-1550.

E-signature is a secure, electronic process you can use to sign your loan application. If you choose to e-sign, you will not have to sign and return a paper copy of your application. You must be registered for and signed into My Account to e-sign your loan agreement. You will also need your Federal Student Aid (FSA) PIN (which you used to e-sign your FAFSA).

If you choose NOT to e-sign
If you choose not to e-sign at the end of the online application, if you apply over the phone, or if your school initiates your application, you may return later to e-sign through My Account.

Federal Stafford Loan
The federal government places annual and aggregate loan limits on individual student borrowers in undergraduate and graduate programs.

Federal PLUS Loans
Federal PLUS Loans have no annual or aggregate limits. You can borrow up to the cost of attendance, minus other financial aid, as certified by your school.

Federal loans are generally processed in 4-6 business days once we receive a signed and completed application. Your funds will be disbursed according to the schedule set by your school. Your school must certify Federal Stafford Loans and Federal PLUS Loans.

Federal Loans
Federal loan funds will be delivered to your school and disbursed according to the schedule they set.

Federal Stafford Loans
Repayment on Federal Stafford Loans begins 6 months after you graduate or are no longer enrolled at least half time in a degree program.

Federal PLUS Loans
Repayment on Federal PLUS Loans begins immediately after the final disbursment. Graduate PLUS borrowers are eligible for an in-school deferment and may request a six-month forbearance after graduation to align the start of repayment with the Federal Stafford Loan.

Parent PLUS borrowers with loans first disbursed on or after July 1, 2008 can elect to postpone repayment until six months after their child is no longer enrolled at least half time.

Note: For actual repayment amounts and schedule of your student loan payments, contact your lender or servicer.

Federal Stafford Loans
No credit check is required for Federal Stafford Loans.

Federal PLUS Loans
A credit check is required for the Federal PLUS Loan, however, the credit criteria is less stringent than for most other private student loans.

You can order a copy of your credit report and report any errors by calling the bureau and each reporting creditor who has listed incorrect information. You have 60 days from the initial denial date to resolve any errors and submit a detailed letter requesting reconsideration by fax, mail, or e-mail. Check out our WiseBorrower Tutorials for tips on cleaning up your credit report.

Federal Stafford Loans
Fees:
Origination: 1.0-1.5% based on disbursement date*
Federal Default Fee: As low as 0% **
Interest Rate: 6.8%. See loan terms for more information.

*Note: Loans with first disbursement dates prior to July 1, 2008 will be assessed an origination fee of 1.5%.  Loans with first disbursement dates on or after July 1, 2008 will be assessed an origination fee of 1%.  This origination fee will be deducted from each disbursement.

Federal PLUS Loans
Fees:
Origination: 3%
Federal Default Fee: As low as 0% **
Interest Rate: 8.5%. See loan terms for information.

**Note: This fee is charged by the guarantor of your loan to protect against loan defaults and ranges from 0-1%, depending on the guarantor used by your school.  This fee will be deducted from each disbursement, if applicable.