Student Loans From GMAC

Perfectly made for full time or part time undergraduates

At times the parents of full time or half time students are not able to pay off the college expenses, tuition fees and other such expenses. GMAC student loans are perfectly suitable for such students, the full time or half time undergraduates. Such loans are available for the students who cannot arrange for absolute expenses of college but on the other hand earn quite a bit of amount as per the need based loans and scholarships.

Qualifying for the loans from GMAC

If you wish to apply for GMAC student loans, the first question that will strike in your minds is how to find out whether you qualify for the loans? Half of your tension is written-off if you assure about your residence or citizenship with U.S or if you are a permanent resident studying in a college that is linked with GMAC student loans. The loan providers simply check your attendance from the college that you attend and confirm that you are taking classes. You also need to put forward your credit history along with your employment details. Many of the new college students do not carry enough credit or an employment history of around two years. In such cases the borrower can obtain a co-signer in order to meet the credit and employment requirements.

Selecting a co-signer

It is anytime better to select a good co-signer in order to increase the chances of approval of your GMAC loan. Your co-signer must be employed for a minimum period of 2 years with a strong documented proof of the employment. For self employed co-signer the employment can be proved through 2 years of returns of tax. Along with you, the co-signer must also be a U.S. citizen or a permanent resident for minimum two years. A positive credit status of your co-signer for at least 2 years will help a lot for you to get the GMAC loan approved.

Borrowing amount and repayments

Maximum amount that you can borrow through GMAC student loan is around $130,000. Initially students can take up a part of this amount up to $40,000 per year and clear off the educational expenses. You can take-up a minimum GMAC loan of $1500. Many students are not employed during their school and so they find it difficult to repay the loan amounts. With GMAC student loans, applicants need not worry about repayments up to 6 months following graduation. The term of repayment is generally of 20 years. Students continuing with the graduation schools can receive a repayment period up to 48 months.

Applying for the loans

It is simple to avail the loan applications through personal financial advisor. Downloading the application form from the GMAC site is simple aswell. Students can fill-in the application and mail it online within five days time.

GMAC education loans are the private bank loans which are to be repaid by applicants as per their period. Applying for such loans and getting them approved is simple if you fit-in the eligibility criteria.