Student Loan Status

How to interpret a 'pending' student loan

It's always hard to wait for the official answer to something important, and that's no different with the status of your student loan application. While every responsible lender tries to provide applicants with the quickest possible answer to their application, it may not always be as quick as you'd like.

So how do you interpret various lender responses in the meantime?

Many students who apply for private student loans on their own will find that they get a response from the lender about the "pending status" of their student loan application. That typically results from the fact that most traditional-aged students who apply for loans on their own lack a sufficient credit history. In some cases, the pending student loan status arises when the institution has decided it will need additional information or other documentation from the borrower before it can approve the loan. In most cases, however, the lender will subsequently deny the loan, while inviting the applicant to re-apply with a cosigner where the terms may be conditional.

If you check on your student loan status and find the institution responded with quick conditional loan approval, you may still need to provide additional information (like income verification) in order to be officially approved for the loan. The quick conditional approval may not include crucial details, such as specifying what the interest rate will be. That's like someone gladly offering to sell you a product without telling you the price. In other words, it doesn't mean much. A bona fide offer should include the language of the underlying promissory note, which generally includes all the fine print and other details that any wise shopper would need to compare deals.

Some lenders will simply respond with a student loan application status of conditional approval, and that the specifics on interest rates will follow within a stipulated period of time, generally no more than about three days.

Find a trusted student loan lender for your borrowing needs

If you have applied for federal loans and are looking to fill the financial gap, consider a private student loan to cover the rest. You can find helpful information about our affordable Citizens Bank Citizens Bank Student Loan™. If you still have questions, call a student loan specialist at 1-800-708-6684, and we'll help walk you through the process.

Additional student loan and college planning resources

What Can I Expect After My Financing is in Place?
What Can a Cosigner Expect?
Financial Aid Disbursement Process
What Do I Do if I've Been Denied for a Private Student Loan?
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