Frequently Asked Questions: Student Loan Multi-year approval 

• How do I apply for Multi-Year Approval?
  You don’t need to apply directly for Multi-Year Approval. When you complete an application for student, parent or graduate loans, we will notify you if you qualify for Multi-Year Approval. When it’s time to apply for another year’s loan, you’ll experience a short and simple process.
• Are there fees associated with Multi-Year Approval?
  No, there are no additional fees associated with Multi-Year Approval.
• Do I have to do anything to remain qualified?
  When it comes time to apply for another loan the borrower must request the additional loans with the same cosigner, attend an eligible school at least half-time, and be working toward the same degree. The borrower and cosigner will need to pass a soft credit review to verify continued eligibility and meet school certification requirements. This is not a hard-credit inquiry so your credit score will not be negatively impacted.
• Will I be locked into my Multi-Year Approval Rate?
  Approval of future loans and interest rates offered will be based on our credit criteria and interest rates at the time you request subsequent loans. Rates will fluctuate and we can’t guarantee the same rate you received when you first applied. Aggregate loan amounts apply.
• If approved for Multi-Year Approval how much am I pre-qualified for?
  You can view your total pre-approved amount by logging into your User Account. Under 'View My Loan Terms' you will see the remaining balance.
• Where can I view my Multi-Year Approval and request additional funds?
  You can log in to access your existing loan by visiting our student lending page. Select "Request Multi-Year Approved Funds" from the options menu.
• Can Multi-Year Approval cover expenses like off-campus rent, books, etc.?
  Specific costs such as books and living expenditures, including off campus meals and rent, may also be covered. Your school will ultimately certify the maximum amount that you can borrow each year.
• Is Multi-Year Approval a line of credit that I can draw on as needed?
  Multi-Year Approval loans are not lines of credit. Each subsequent request for funds is a new loan at prevailing rates when the request is made.
• Can Multi-Year Approval funds pay a prior semester’s outstanding balance?
  This loan can be used for past due tuition as long as the balance is from the past 365 days and the student is either currently enrolled, at least half-time, or recently graduated from that school.

Have more questions? Get more answers in our full FAQs section.