sample application letter for student loan

Educational Loan Request Letter: How To Make Yours Stand Out!

As someone who has crafted numerous educational loan request letters over the years, I’ve realized that a well-structured and compelling letter can significantly increase your chances of getting your loan approved. 

Here’s a comprehensive guide, based on my experience, to help you write an effective educational loan request letter.

Key Takeaways:

• Understand the Purpose : Recognize the importance of the letter in securing your educational loan.
• Be Clear and Concise : Present your information in a straightforward manner.
• Personalization : Tailor the letter to reflect your unique educational journey and financial needs.
• Documentation : Attach necessary documents to support your request.
• Follow Up : Be prepared to follow up after sending your letter.

Step 1: Start with Personal Introduction

Begin your letter with a personal introduction. Mention your name, current educational status, and the program you wish to enroll in. This sets the context for your request.

Example: “My name is [Your Name], a recent graduate from [Your School], and I am writing to request a loan for my upcoming Master’s program in [Program Name] at [University Name].”

Step 2: State the Purpose of the Loan

Clearly explain why you need the loan. Include details about the course, such as the duration, fees, and how it aligns with your career goals.

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Example: “The total cost of the program is [Amount], which covers tuition, books, and living expenses for the two-year duration. This program is a crucial step for my career in [Your Career Goal].”

Step 3: Outline Your Financial Situation

Discuss your financial situation honestly. Mention any scholarships, grants, or existing financial aid you have and explain why they are insufficient.

Example: “Despite receiving a partial scholarship, I am facing a shortfall of [Amount], which I am hoping to cover with this loan.”

Step 4: Detail Your Repayment Plan

Lenders want to know that you can repay the loan. Outline your repayment strategy, including potential earnings and any backup plans.

Example: “Upon graduation, I plan to work in [Industry/Job Role], where the starting salary averages [Amount]. This income will enable me to repay the loan within [Timeframe].”

Step 5: Provide Supporting Documentation

Attach documents like admission letters, fee structures, scholarship details, and your resume. This evidence strengthens your request.

Documentation Checklist:

• Admission Letter
• Fee Structure of the Program
• Scholarship or Grant Details
• Your Resume/CV
• Financial Statements (if applicable)

Step 6: Conclude with a Thank You and Follow-Up

End your letter by thanking the lender for considering your request. Mention that you are willing to provide any additional information if needed.

Example: “Thank you for considering my application. I am happy to provide any further information required and look forward to a positive response.”

Step 7: Proofread and Send

Finally, proofread your letter for any errors. A well-written, error-free letter makes a good impression.

Template for Educational Loan Request Letter

[Your Name] [Your Address] [City, State, Zip Code] [Your Email Address] [Your Phone Number] [Date]

[Loan Officer’s Name or Lender’s Name] [Name of the Bank or Financial Institution] [Bank’s Address] [City, State, Zip Code]

Dear [Loan Officer’s Name or Lender’s Designation],

I am writing this letter to formally request an educational loan to assist in funding my [undergraduate/graduate] studies at [University Name]. 

My name is [Your Full Name], and I have recently been admitted to the [Name of the Course/Program] beginning [Start Date of the Course].

The comprehensive cost of attending [University Name], including tuition, books, and living expenses, is approximately [Total Cost]. 

While I have secured [amount in scholarships/grants, if any], there remains a shortfall of [required loan amount] to fully cover the entire cost of the program.

I have chosen [University Name] because [briefly state your reasons – focus on the quality of the program, how it aligns with your career goals, etc.]. 

This program is crucial for my career development as it provides [mention specific skills, opportunities, or experiences the program offers].

Regarding the repayment of the loan, I have a detailed plan in place. [Discuss your repayment strategy. 

For example, talk about your potential earnings after graduation, any part-time job you might take while studying, or other financial resources you will use to repay the loan].

Enclosed with this letter are copies of my admission letter from [University Name], detailed fee structure, my financial aid summary, and other relevant financial documents. These documents further validate my financial situation and the necessity for this loan.

I am committed to my educational goals and equally dedicated to repaying any financial assistance I receive. I would be grateful for the opportunity to discuss this loan request in more detail. 

Please feel free to contact me at [Your Phone Number] or [Your Email Address] should you require any additional information or documentation.

Thank you very much for considering my application. I look forward to a favorable response from your esteemed institution.

[Your Signature (if sending a hard copy)] [Your Printed Name]

Enclosures:

• Admission Letter from [University Name]
• Course Fee Structure
• Financial Aid Summary
• [Any other relevant document]

Personal Insights: 

In my experience, a personalized letter that resonates with your own journey is more effective. Be honest, clear, and detailed about your needs and repayment plans. Remember, the goal is to build trust with the lender.

Comment Request: 

I’d love to hear about your experiences or any additional tips you might have on writing an educational loan request letter. Please share your thoughts and suggestions in the comments below!

Frequently Asked Questions (FAQs)

Q: How Do I Write an Educational Loan Request Letter?

Answer: When I wrote my educational loan request letter, I focused on being clear and concise. I introduced myself, explained my educational background, and the reason I needed the loan. 

I detailed the course I wanted to pursue and how it would help my career. I also mentioned my plan to repay the loan. It’s important to be honest and provide all necessary details to make a strong case.

Q: What Should I Include in My Loan Request Letter?

Answer: In my loan request letter, I included my personal information, educational qualifications, admission details of the course, the total cost of education, and other financial aids I was receiving. 

I also added a repayment plan, showing how I intended to manage the loan repayment after completing my studies. Including these details can demonstrate responsibility and planning.

Q: How Can I Make My Loan Request Letter Stand Out?

Answer: To make my loan request letter stand out, I added a personal touch by sharing my educational journey and the challenges I faced. 

I clearly articulated my career goals and how the specific course would help me achieve them. I also ensured that my letter was well-organized, error-free, and had a tone of respect and professionalism.

Q: Is It Necessary to Mention Academic Achievements in the Loan Request Letter?

Answer: Yes, mentioning academic achievements can strengthen your request. In my letter, I highlighted my academic successes and any extracurricular activities relevant to my chosen field of study. 

This showed the lender that I was serious about my education and had a track record of dedication and success.

Q: How Important Is It to Explain the Repayment Plan in the Loan Request Letter?

Answer: It’s very important. In my loan request letter, I detailed my repayment plan, including potential earning opportunities during and after my studies. 

This helped the lender understand my commitment to repaying the loan. It’s essential to be realistic and honest about your repayment capabilities.

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How to Write a Letter for a Student Loan

Proper Format for a Thank You Letter for a Scholarship

Asking for money from anyone is often a daunting task, but when it comes to funding your higher education and its hefty price tag, it is a necessary evil. When applying for a private student loan or for additional loan funding from your school, you may need to write a letter to a student loan officer. This letter needs to contain specific information to assist the lender in determining your eligibility and understanding your need. Knowing the specific elements needed in this type of letter will help you gather the funding necessary for your education.

Application for Education Loan in College

Many schools and lenders require you to complete an application that you will submit with your letter of request. Make sure you complete all required materials and submit the packet together to avoid a delayed response. In some instances, you may see a list of specific information you need to include in the request letter. You should use this as a checklist once you complete your request letter to ensure you have included all the required details for the school or lender to process your request.

Student Loan Department Letter Format

Your education loan repayment letter format should have a formal style. This means you should write in a professional and respectful manner. For example, you should not complain or use foul language when discussing your life circumstances. Instead, state your needs and background in a matter-of-fact way without appearing emotional. Set the tone of your letter by using a professional font and use a business letter format. Type the date on the top left side of the page and then move at least two lines down from the date, where you will type the name of the organization and the address. If you have a contact person, you will place his or her name on the line above the organization name. Conduct a web search and review student loan letter samples to get an idea of what your letter should look like.

Write a Clear Introduction

If you have a contact name, begin the letter with a traditional salutation, such as “Dear Mr. Smith.” However, if you do not know who will read your letter, start your letter with “To whom it may concern.” You will start a new paragraph that will be your introduction. In this paragraph, introduce yourself and include your major, academic standing and specific goals you have. Inform the school or lender of the amount of money you are requesting.

Identify and Explain Financial Needs

Once you have introduced yourself and the amount you need, you can explain how you plan to use the student loan. You may need funds for living expenses or perhaps a new computer. Make sure you know any limitations on how you can use your student loan since some lenders will not fund more than tuition, books or supplies needed for a course. Next, you should state the ways the student loan funds will help you reach your goals. This provides a chance for you to give the lender reasons to invest in you and your future.

Write a Conclusion

In a final paragraph, restate the amount you need and thank the school or lender for considering your request. You will then close your letter with “Sincerely,” or another appropriate ending. Include your name and contact information at the end of the letter.

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Kate Beck started writing for online publications in 2005. She worked as a certified ophthalmic technician for 10 years before returning to school to earn a Masters of Fine Arts degree in writing. Beck is currently putting the finishing touches on a novel.

Published In: Applications

How to Write a Loan Application Letter (with Samples)

Sometimes we need financial assistance to push through with our business idea, education, medical emergencies, or any other personal project or goals that require a huge amount of money for its realization. Basically, it is for this reason that banks and other money lending institutions exist.

Applying for a loan from any lending institution requires the applicant to first fill out a form.  Along with this form, the applicant can attach a loan application letter that provides more details on what he/she intends to do with the money and an overview of how the loan will be paid.

As a loan applicant, you need to learn how to write the loan request letter in a polite and convincing tone to appeal to your lender for your loan to be granted successfully.

What is a Loan Application Letter?

A Loan application letter is a document that informs the financial lending institution of the amount of money you are asking for, a clear outline of what you intend to do with the money, and convinces the bank why you are a good investment risk. Because it is a request, a loan application letter should be written in a polite tone, short and to the point.

The Loan Application Process

Based on the financial institution you choose, the process and time it takes for you to receive funding may vary. However, the typical loan application process may take on the following critical stages:

Pre-qualification stage

Prior to the loan contract, the potential borrower receives a list of items that they need to submit to the lender for them to get a loan. This may include Identification proof, credit score, current employment information, bank statements as well as previous loan statements.

Immediately this information is submitted, the lender reviews the documents and makes a pre-approval- meaning the borrower can move on to the next phase of the loan application process.

Loan application

In the second phase of the loan origination process, the borrower fills-in the loan application form either electronically- through mobile apps, websites, or paper-based. The data collected is then tailored to specific loan products.

The aspects that are included in the loan application form include the following;

The payment method- if it will be personal, through a check, or via online banking.

The payment frequency- There are several payment frequency methods, for example, Monthly installments, annually, or if the loan will be paid once.

The amount of interest accumulated on the loaned amount. This is the amount of money charged by the lender to the borrower on top of the amount which he/she has loaned.

The assets in the form of properties of the borrower will serve as collateral damage/guarantees in case the borrower defaults loan repayment or is unable to make his payments as per the agreed time.

Application processing

Once the application is received by the credit department, it is reviewed for accuracy, genuineness, and completeness.  Lenders then use Loan Originating Systems to determine an applicant’s creditworthiness.

Underwriting process

This process only begins after an application is totally completed. In this stage, the lender checks the application in consideration of various accounts, such as an applicant’s credit score, risk scores, and other industry-based criteria. Today, this process is fully automated using Rule Engines and API integrations with credit scoring engines.

Credit Decision

Based on the results from the underwriting phase, the lender makes a credit decision. The loan is either approved, denied, or sent back to the originator for additional information. If the criteria used do not match with what is set in the engine system, there is an automatic change in the loan parameters, for instance, reduced loan amount or a different interest rate on the loaned amount.

Quality Check

Quality check of the loan application process is very critical since lending is highly regulated. The loan application is then sent to the Quality Control Team to analyze critical variables of the loan against internal and external regulations on loans. This is often the last step of the application process before funding is approved.

Loan funding

Once the loan documents are signed by both the borrower and the lender, funds are released shortly after. Nevertheless, business loans, loans on properties, and second mortgage loans may comparatively take more time to be approved due to legal and compliance reasons.

Essential Elements of a Loan Application Letter

Now that you have already understood the complex loan application process, it is important that you know the critical points to include in your loan request letter to convince your lender to give you a business loan.

Here is how to effectively write a loan application letter:

Header and greetings

The first and most important element of your business or personal loan application letter should be a header and an appropriate greeting.

In your header, include the following details:

• Your business names
• The physical address of your business
• Business telephone and cell phone numbers
• Lender’s contact details
• Lender’s or Loan Agent’s Name and Title
• A subject line stating the loan amount you are requesting for.

Once you have written your header, include a friendly but professional greeting to start off your loan application letter in a cordial tone.

Business Loan Request Summary

The body of your business or personal loan request letter should start with a brief summary of your loan request amount, why you need the loan, your basic business information, and why you are an ideal risk investment for the lender. This section should be brief and concise. Only include the relevant information to capture your loan agent’s interest and keep them reading the body of your loan application letter.

Basic Details about your Business

Ideally, this is the third paragraph of your loan application letter. Use a few short and concise sentences to give a clear outline of your business.

Be sure to include the details below:

• The legal name of your business and any DBA that your business uses
• Your business structure- if it is a corporation- partnership, individually owned, etc.
• A summary of what your business does.
• How long your business has been operational
• Total number of employees
• A brief description of your current annual revenue

Once you have provided your basic business information, it is time to write the meat of your business loan request letter- clearly explaining why you need the business loan and how you intend to recuperate the investment.

The purpose of the business loan

In the fourth paragraph of your loan application letter, explain succinctly how you will use the business loan. Additionally, tell the lender why your intended use of the business loan will be a wise business investment.

While detailing this section, be as specific as possible and demonstrate to the lender that you have carefully considered the kind of revenue generation this new debt will accomplish for your business. for instance, don’t just say that you intend to use the loan for working capital. Rather, say that you plan to increase your inventory by 45% or that you need to increase your Human Resources to 4 to generate more income by 6%.

In the same paragraph, inform the lender exactly how the loaned amount will help generate more profits necessary to cover repayment plus the interest accumulated on loan.

Proof that you’ll be able to fully repay the loan

In this section, you need to demonstrate to the lender that you can pay back the loaned amount together with interest as per the agreed repayment period. You will want to use any figures from your latest income statements or balance sheets to prove your business is financially healthy and that it is a low-risk investment decision for your lender. In case you have other existing debts, be sure to mention them and include a business debt schedule if possible. If your business is profitable, highlight that in your letter since it something that most lenders pretty much look for in successful loan applicants.

In addition to that, consider including specific cash flow projections to demonstrate to your lender how you plan to fit repayment of the loaned amount plus interest into your budget.

Sample: Loan Application Letter

Sample 1: business loan application letter.

Samira Mitchell,

Mitchell Face Masks Limited,

4680 Forest Road

939, New York.

January 17, 2021

Mr. Wesley Kingston

Guarantor Trust Bank

679, New York State

Ref: Loan Request for $10,000

Exactly two years ago, I started my small face mask vending business in our local market. Over the last two years, my business has picked up really well to an extent where I need to expand to a bigger face mask vending company.

It is for this reason that I am writing this letter. I am confident that there is a great market niche for face masks, especially due to the current worldwide Novel Covid-19 Pandemic. Thus far, I have had many repeat customers, new customer links through referrals, and my client base has grown rapidly. Generally, there is an increase in demand for my products; therefore, I am requesting for a loan amounting to $10,000 to be able to supply more and satisfy all my clients.

This money, along with the amount that I have saved up from my profits, will enable me to lease a large, modern storefront and to import supplies that will help me launch my business plan.

I have attached my business plan, my latest business balance sheets, current business schedules, as well as my credit history statements for your perusal and review. If you have any questions or need any further clarifications, please contact me directly on (111) 345 679 or email me at Mitchel.facemasksltd.co.ke. Thank you for your consideration.

Samira Mitchel.

Sample 2: Personal Loan Application Letter

Dear Michael,

It is common for everyone to face difficult situations and bitter realities in life. I am currently facing a situation where everything seems bleak, and there seems to be no way out of this difficult situation. I am in debt, and I need to pay at least 30% of my house’s mortgage will be taken over by the bank, and I am currently ailing and weak, I’ll not be able to survive such a nervewrecking situation.

The only way I can avoid such a fate is by paying the full amount that is needed by the bank. I can be able to do so if I am allowed to take out a loan from the office, which is a privilege that the company has granted to all the employees. I would be thankful if the company allows me to borrow the money against my monthly pay.

Mr Brandon Brown

Do’s and Don’ts of Writing a Loan Request Letter

A loan application letter may increase or break your chances of receiving funding from any lending institution. This is because it is the first thing that lenders look for in the underwriting process when you submit an application. That said, you must know the dos and don’ts of writing a winning loan request letter to help you receive the funding that you really need.

• Check your personal and business credit scores before sending a loan request letter and take the necessary steps to improve them.
• Have all your financial statements ready, including cash flow statements, business balance sheets, P$L statements, etc
• Make sure to submit all your relevant credentials along with your loan application request letter.
• Always provide the correct and factual information to avoid fraudulent consequences.
• Don’t make your letter too long and unnecessarily wordy
• Don’t use an informal format while writing the loan application letter. Instead, follow the proper rules on writing formal letters
• Don’t include any false information in your loan request letter- be it your business’s current financial health, assets, and liabilities that may be used as collateral damage in case you default payment or why you need the money.

Things to Remember When Writing a Loan Application Letter

Generally, you should always consider the following essential tips if you want to write a winning loan application letter:

• The loan application letter is a formal document. Therefore, observe the proper rules of writing a formal letter.
• Clearly state your intent to borrow a given amount of money
• Provide a vivid but brief description of why you need the money. Your explanation should be concise, genuine, and transparent. While at it, explain how you plan to use the loaned amount and be very sincere about it.
• Explain why your business is a low-risk investment decision for the lender.
• Enumerate your assets and liabilities
• Include the time, date, manner, and method that you will use to make your payment.

Free Loan Application Letter Templates

Are you looking to get some financing for your business or personal emergency? Download our free, well-crafted Loan application letter templates to help you customize your loan request letter. Our Templates includes all the critical elements of a winning loan request letter that will successfully help convince your lender to grant you the funding you need. Download our templates today to help you get started!

Collateral is defined as something that helps secure a loan. Generally, based on the type of lending institution you pick, the lender will give you less than your pledged asset value. Lenders every so often quote an acceptable loan to value ratio, meaning that if you borrow against your house, for example, and it worth $400,000, you will be given a loan amounting to $380,000. Again, this depends on the bank.

The prepayment penalty is a fee that some lenders charge if you pay off all or part of your loan before the loan’s maturity date. These do not usually apply if you pay extra principal on your loaned amount in small amounts at a time. However, it is good that you counter check with your lender.

Every lender follows a different criterion to approve a business or personal loan. The application process depends on several factors; therefore, the time taken to receive funding in your account may take anywhere from a few minutes to several days. This depends on the type of institution you choose and the type of loan you are asking for.

Acquiring a loan is sometimes a necessity in one’s business or personal life.  Nonetheless, it is not always easy to get a loan as lenders are wary of granting loans due to loan repayment defaults and fraudulent borrowers. This article has provided you with great insight on loan application letters, the loan application process, essential tips for writing a winning loan application letter, and the dos and don’ts of writing a convincing loan request letter. If you keep these things in mind every time you are thinking of applying for a loan, you are sure to get the funds you need to ensure the smooth running of your business and sort any personal emergency that may come your way.

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Sample Application of Student Loan

Sample application letter for loan by students due to financial problems, father unemployment, loss of family member, or any other reason. Sample application for educational loan , study loan, student loan from a bank on urgent basis.

Education Loan Request Letter Sample

Howard School of Sciences United States of America

Respected Dean of student,

My name is Charlie, and have recently completed my high school education. I was offered scholarships from many institutes but I chose Howard School of Sciences because of its amazing repute, faculty, and quality of education but it was due to some other factor that I was not being able to receive a scholarship from the institute, and I have to think of some other way. The only way for me to enter in Howard is by financing myself, and that is not possible for me to bear that huge burden.

I hereby request for financial aid, or student loan, so that I will be able to get admission into Howard, and pursue my dreams. I have attached my official transcript with this application, and also the results of my SAT. I hope that I will be included among those lucky students who have the honor to sit in Howard School.

Waiting for your response anxiously Charlie

Apply for College Student Loan

To, The manager, MK bank, Miami

Respected sir,

With due respect,

I would like to tell you that I have got to know that you are providing study loans to students, sir I am applying for MBA but as you know it’s an expensive course, and as I belong to a middle class family, I cannot submit my semester fee , my fee is (Date)$ per semester. My financial details are attached with this form which includes my utility bills, my rental agreement, job letter, ID card.  Sir I request you to consider my request, and provide me the study loan to support my studies. I shall be really thankful for this act of kindness, looking for a positive response from your end. Thanks

From, Mr. ted Wilson, Miami

Application to Bank for Study Loan

Dear Credit Manager,

This application is to request a loan to meet my present educational needs. I am a day scholar at National Institute. To pay for my examination, and lab fees I need to pay a lump sum amount of 200$ in the next month. To meet my present needs I work part time in a research institute, and receive a 10$ a week. So to pay such a huge amount in lump sum is difficult.

I request your bank to issue me I student loan of 200$ which I would return your bank within two months. I am ready to deposit any kind of security your bank needs. This would be great if all the procedures are done in a short period of time in order to pay my fees in due time.

Amna FaheemMBA Marketing (LSM)

Application for Student Loan

Dear Sir, It is stated that I am a student of engineering at GC College. I want a student loan in order to continue my Master’s studies. I am a talented student, and I currently lie among top 5 position holders of the department. My topic for Master’s research is “Light weight concrete bridge deck system”.

If you will issue me the student loan then I can assure you that I can turn out to be valuable asset for your institution by conduction research in this modernized topic. As of now I cannot afford to pay for your institution due to some financial issues.

I hope keeping in view my above arguments you’ll be convinced, and issue me the student loan. I shall be very obliged for this kind favor. Yours truly,

Student Loan Application for University

Respected Principal/Dean, I want to say that I have secured my admission at University of British Columbia in Masters of Civil Engineering. I successfully completed my Bachelors in civil engineering with majors in structures. My passing percentage has been 95% in general. However due to some nationality issues I am unable to secure a scholarship for the masters at your university.

Dear Sir, as you know that the educational as well as living expenses are very huge in amount at this university, and also I belong to a third world country due to which I would not be able to bear expenses of this university all by myself. I have been a brilliant student throughout my student career, and I am very eager to study at University of British Columbia. Keeping in view my all the problems, and hurdles, you are kindly requested to issue me a student loan so that I may continue my journey of knowledge.

I have full hope that you will allow finance department to grant me a student loan in order to bear my educational expenses. I shall be thankful to you for this favor. Yours sincerely,

Loan Application for College, and School

It is stated that I have recently got my name in FAST University. As from my records you can see that I have scored A+ both in my Metric, and Intermediate education. And the thing is financial aid was given to me on the basis of my financial condition, and educational record. Sir, I have keen interest in studying Computer Science from your university. As FAST University is very expensive so I request you to offer me student loan.

It shall be grateful to you for this favor. It will really help me in achieving my ambition.

Yours sincerely, Nimra

Letter to Bank for a Loan to Have Higher Studies in USA

To Mr. Kapil Sharma Managing Director Bank of India Goa, India

Sir, I am Jayant Sharma, and I recently completed my intermediate studies. I applied for higher studies in USA, and with the blessings of my family; I got selected at Harvard University. However, the road to success is not paved with flowers. The lack of financial resources is hindering my way to the top. Also, this would become a huge burden on my parents’ shoulders. Therefore, I request you to kindly grant me a loan so that I can pursue my studies at one of the best universities of the World. Thank you for your consideration. I look forward to hearing from you in the near future.

Yours sincerely, Jayant Sharma Tajpur town Goa, India

Student Loan Statement Request

Respected Financial Department,

My name is Michael, and I am a student in the engineering department, and I want to bring this to your kind notice that I need a loan to complete my thesis, and research on my subjects. Sir my transcript is attached with the application from there you can see that I am a very hardworking, and intelligent student. Sir I am nearly to complete with my research, and I do not want to back up now just because of the financial problems.

That is why sir I am writing this application so as you could give me a loan to complete my studies, and research, with interest free loan, or with minimum interest rate for loan as possible.

I will be very thankful to you. Michael

To, The Finance Manager, XYZ University, Lahore.

It is stated that I have successfully passed Intermediate exam with 75% marks. I am willing to complete my higher education, and planning to start CA. Unfortunately, I cannot afford the costly education due to financial barriers. The estimated fee for my education is PKR 6, 00,000.

I want you to finance my education, and provide a student loan. I shall be very grateful to you.

Yours sincerely, siraj

To, The Bank Manager,

I informed you that I want to study abroad, I applied for admissions in different countries but I can’t take full scholarship for Masters in computer sciences. The scholarship which I was awarded is partial as the government award the tuition fee only. My all other expenses like rent, and residence is not included in scholarship, and due to this reason I want you to give me loan on the behalf of my mother’s gold. I will return you as soon as possible. I will be very thankful for this favor.

Application for Educational Loan to Branch Manager

To, The branch manager HBL

I am an account holder in your bank from last five years. I have recently passed Masters in English from Punjab University. Now i am looking for MPhil in same subject, and for further studies i need to submit a fee of 2 lacks per year.

I request you to issue me a loan according to a special policy of bank for student account holders, so that I could submit my fee, and continue my study. This loan could be deducted from my account in every month installment. I shall be highly thankful to you for your kind favor.

Ahsan Javed

Application for Educational Loan for Studies

To, Branch Manager, Zahoor Elahi road Gulberg, Lahore.

It is to request you that I have recently done B.com from Government Islamia College, and secured good marks. Now I want to take admission in MBA but I am financially weak, I cannot pay my university fee. Please sanction me educational loan so that I can complete my studies. After studies, I will pay off my loan to your bank.

I shall be highly grateful to you.

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How to Write a Student Loan Goodwill Letter to Save Your Credit: Sample Included

Late or missing student loan payments can cause your credit score to tank. Read on for a sample letter to remove a student loan from your credit report.

Sarah Li Cain

Nov 11, 2021

Not making on-time payments on your student loans will negatively impact your credit score . On the upside, you may be able to rescue your damaged credit score by writing a student loan goodwill letter. 

It’s not a guarantee, but sending one might be worth the effort. The worst thing that could happen is that your loan servicer could deny your request. But you could get lucky, and the lender could ask the credit bureaus to take your late payments off your credit history. 

Let’s g over what you need to know, including a sample letter you can use to remove a late student loan payment from your credit report. 

What Is a Student Loan Goodwill Letter?

A goodwill letter is a letter you send to your loan servicer to request that, in an act of goodwill, it remove any late or missed student loan payments from your credit report. Since late payments are a major red flag, your credit score could tank if  you don’t make on-time payments . 

One possible consequence of having a low credit score is being denied a loan. And even if you do qualify for a car loan, mortgage or personal loan, you could be charged high fees and interest rates. 

Writing a goodwill letter is your best bet if you were the one who caused the late or missed payment and you want to explain why it happened. If a reported late payment was because of your loan servicer’s mistake, then you’ll need to dispute it with the credit bureau directly.

If you can successfully convince your lender you’re still a reliable borrower, you may have these negative remarks on your credit report removed. If so, your credit score could see a sharp improvement reasonably quickly. 

Will My Goodwill Letter Work?

No matter how well written your goodwill letter is, there is no guarantee that the lender will agree to your request. The decision is totally up to the lender, which may not accept or care about the circumstances that resulted in your missed or late payment. 

But you may get a sympathetic reader who understands why you made a late student loan payment, especially if it was due to an illness, a sudden job loss or other unexpected circumstances. 

If you explain what happened in a polite and appreciative tone, your lender might be receptive to your request.

When you write your letter, carefully explain what happened that got you into a financial pickle — aka what resulted in your late or missed payment. Admit your mistake and conclude by assuring the loan servicer that it won’t happen again and that missing a payment is rare for you. 

Sample Letter to Remove Student Loan From Credit Report

Each borrower’s goodwill letter will be unique, but this sample can give you a good start for how to structure yours. Remember: You should write your letter with a friendly and appreciative tone while being clear in your request. All letters should include the loan account number, the borrower’s contact information, and details about the late or missed payment. 

Dear [loan servicer name], 

My name is [your name], and my student loan account number is [your account number]. I discovered there was a late payment reported on Jan. 1, 2021, on my credit report. I understand that my actions resulted in this late payment.

I want to let you know that I am willing to do everything I can to pay back my student loans in full and on time. Sadly, I recently underwent major surgery and have been negotiating with my health insurance company for months about my five-figure medical bill. Due to this unexpected expense, my budget was stretched too thin. I also had to take unpaid time off work and could not keep up with payments.

I assure you that missing payments is rare for me. You can check my payment history to see that I’ve always made on-time payments (and sometimes more than the minimum amount) other than this one time. Once I went back to work, I was able to balance my budget and resumed making my loan payments on time. 

I am concerned that my low credit score may result in me having to pay a higher interest rate for a home equity loan I plan to take out. I don’t feel as though my credit report reflects the kind of responsible borrower I truly am.

I request that you remove the late payment as a goodwill gesture. I appreciate and thank you for your consideration and hope that my request will be granted. 

How long does it take to get a response to a goodwill letter?

It may take a few weeks to get a response from your lender. You can follow up by calling your lender if you haven’t heard anything after a few weeks. 

If Your Request Is Denied

There’s a chance your lender won’t approve your request. If your credit score is negatively affected, you’ll have to take steps to rebuild your credit. The best way to do so is to keep making on-time payments, to be careful about closing old accounts, and to avoid maxing out your credit cards, among other steps.

If you’re still struggling with making your student loan payments, contact your lender to see what can be done, such as adjusting your monthly payments or exploring your options for loan deferment or forbearance. You may be able to reach an agreement and prevent further damage to your credit. 

Also consider  refinancing through an organization such as Juno , which could help you save tens of thousands of dollars throughout the life of your loan. Juno negotiates with partner lenders on behalf of borrowers to help each student qualify for the best refinance rates they can given their financial situation.

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Soft Credit Check to get rates; Hard Credit Check to refinance

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Sarah Li Cain is a finance writer and a candidate for the Accredited Financial Counselor designation whose work has appeared in places like Bankrate, Business Insider, Financial Planning Association, Investopedia, Kiplinger, and Redbook. She’s the host of Beyond The Dollar, where she and her guests have deep and honest conversations about money affects their well-being.

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Application for a Student Loan (with Samples & PDFs)

I have listed sample templates to help you craft an effective and professional application for a student loan.

Also, I would like to point out that you can also download a PDF containing all the samples at the end of this post.

Application Seeking Financial Assistance through Student Loan

First, find the sample template for application for a student loan below.

To, The Branch Manager, [Bank Name], [Bank Address], [City, State, Pin Code]

Subject: Application for Student Loan

Respected Sir/Madam,

I, [Your Full Name], am a resident of [Your Address]. I write this letter to formally request for a student loan for funding my higher education. I recently completed my Senior Secondary Examination with a score of [Your Score] from [Your School Name, City] and have secured admission in [Name of the College/University] for pursuing [Course Name].

The course duration is [Number of Years] years and the total fee is INR [Total Course Fee]. My family’s financial condition is not robust enough to bear this expense, and hence, I am in dire need of a student loan.

I assure you that I am a good student, and I am committed to maintaining my academic performance to ensure timely repayment of the loan upon completion of my course and securing a job. I have attached the necessary documents needed for the loan processing, including proof of admission, fee structure, and my academic certificates.

I kindly request you to consider my application for the student loan. I am hopeful that your bank’s student loan scheme can help me in making my dreams come true. Your prompt action in this regard would be highly appreciated.

Thank you for your time and consideration.

Yours sincerely,

[Your Full Name] [Your Contact Number] [Your Email ID]

Below I have listed 5 different sample applications for “application for a student loan” that you will certainly find useful for specific scenarios:

Application for Student Loan to Pursue Higher Education Abroad

To, The Manager, [Name of the Bank], [Branch Name], [City Name], [State Name], [Pincode]

Subject: Application for Student Loan to Pursue Higher Education Abroad

I, [Your Full Name], a resident of [Your Full Address], am writing this letter to apply for an education loan to pursue my higher studies overseas.

I have been accepted into [Name of the University] in [Country Name] for the course of [Course Name], commencing from [Start Date of the Course]. The total cost of this course, including the tuition fees, living expenses, and other necessary costs, is estimated to be INR [Total Cost in INR].

My family’s financial condition is not strong enough to support this cost. Therefore, I seek your assistance in the form of a student loan. I assure you that I will abide by all the rules and regulations and will repay the loan in the stipulated time after the completion of my course.

I am enclosing herewith the university acceptance letter, cost breakdown of the course, and other required documents for your kind perusal.

I earnestly request you to consider my application and grant me the student loan to fulfill my dream of studying abroad. I believe that this opportunity will pave the way for a bright future and enable me to contribute significantly to our society.

Thank you for considering my application. I am looking forward to a positive response.

Application for Student Loan for Assistance in Paying Tuition Fees

To, The Manager, [Bank Name], [Branch Address],

Subject: Application for Student Loan for Assistance in Paying Tuition Fees

I, [Your Name], resident of [Your Address], am currently pursuing my [Course Name] from [Institution Name]. I am writing this letter to request a student loan to assist in paying my tuition fees.

My parents have been bearing the cost of my education until now, but due to unforeseen financial difficulties, they are unable to continue supporting my education expenses. I am in dire need of financial aid to continue my studies without interruption. I have always been a dedicated student and have maintained an above-average academic record, which I hope will support my case for this loan.

I understand that [Bank Name] offers student loans with reasonable interest rates and flexible repayment options. I assure you that I will adhere to the repayment schedule and abide by all the terms and conditions set by the bank.

I am enclosing my academic records, admission letter, and other necessary documents for your kind perusal. I kindly request that my application be processed at the earliest as the due date for the fee payment is approaching.

I am hopeful that you will consider my application favorably and grant me the loan so I can continue my education. I am ready to provide any additional information that might be required for the process.

Thank you for considering my application. I look forward to your positive response.

[Your Name] [Your Contact Number] [Your Email ID]

Application for a Student Loan to Attend Specialized Training Courses

To, The Branch Manager, [Bank’s Name], [Bank’s Address],

Subject: Application for a Student Loan to Attend Specialized Training Courses

Dear Sir/Madam,

I, [Your Name], son/daughter of [Father’s/Mother’s Name], am currently a resident of [Your Address]. I am writing to request your kind consideration for a student loan which I require to pursue specialized training courses.

I have recently completed my [Your Last Completed Degree] from [Your Previous Institution’s Name], and now I wish to enhance my skills by attending specialized training courses at [Institution’s Name where you plan to attend the courses]. These courses are pivotal for my career growth and will significantly contribute to my academic and professional advancement.

The total cost required to attend these courses is INR [Course Fee Amount]. As my personal savings and family contribution are not sufficient to cover this amount, I am in need of financial assistance. Therefore, I am seeking a student loan from your esteemed bank.

I assure you that the loan will be utilized for the said purpose only and I am committed to repaying the loan amount as per the terms and conditions laid down by your bank. I am ready to provide any additional information or documentation required for the loan processing.

I kindly request you to consider my application and guide me through the next steps of the loan process. I am hopeful that your bank will provide me the necessary financial support to pursue my dream of attending these specialized training courses.

Thank you for your attention to this matter.

[Your Name] [Your Contact Information] [Date]

Application for a Student Loan for Purchase of Necessary Study Materials

To, The Branch Manager, [Bank Name], [Bank Branch Address],

Subject: Application for a Student Loan for Purchase of Necessary Study Materials

I, [Your Full Name], a resident of [Your Address], am writing this letter to kindly request for a student loan from your esteemed bank for the purpose of purchasing the necessary study materials for my upcoming academic year.

I am currently pursuing [Your Course] from [Your College/University] and am in my [Year of Study]. The course requires several textbooks, reference books, and other study materials that are essential for my academic progress but unfortunately, their high cost is a financial burden for my family. The total cost of these materials is approximately INR [Amount] which is beyond our current financial capabilities.

I maintain a good academic record with a consistent score of [Your Average Percentage/Grade] in all my semesters so far. I believe investing in these necessary materials would enable me to perform better in my studies and future career.

I kindly request you to consider my application for a student loan under your bank’s applicable educational loan scheme and guide me through the process. I assure you that the loan will be used solely for the said purpose and I am committed to repaying it in due time as per the bank’s policy.

Thank you for considering my request. I am looking forward to your positive response.

Yours faithfully, [Your Full Name] [Your Contact Details] [Today’s Date]

Application for a Student Loan to Cover Living Expenses During University Studies

To, The Branch Manager, [Bank Name], [Bank Address],

Subject: Application for a Student Loan

I, [Your Name], a resident of [Your Address], am writing to apply for a student loan to support my higher education and living expenses during my university studies.

I have recently secured admission in [University Name], one of the esteemed educational institutions in our country, for pursuing [Course Name]. The course is set to commence from [Start Date] and will complete by [End Date]. My admission letter and fee structure, which include tuition fees and other expenses, are attached herewith for your perusal.

I firmly believe that this course will provide me with the necessary skills and knowledge required to build a successful career. However, I am currently facing financial constraints which make it difficult for me to bear the cost of my education and living expenses.

Considering the aforementioned circumstances, I kindly request you to grant me a student loan of INR [Amount Needed]. I assure you of my commitment towards timely repayment of the loan once I have completed my studies and secured gainful employment.

I would be grateful if you could guide me through the necessary procedures and documentation required for processing this loan. I look forward to your positive response and appreciate your consideration in this matter.

Yours sincerely, [Your Name] [Your Contact Information] [Date]

How to Write Application for a Student Loan

Some writing tips to help you craft a better application:

• Start with personal details: name, address, and college you plan to attend.
• Include your course details: The name of the course, duration, and start date.
• Explain why you need the loan: High tuition fees, cost of living, or books.
• Include your financial details: Your current income, if any, and any other financial support you receive.
• Explain your plan to repay the loan: Part-time job, savings, or future employment.
• End with a polite request for consideration and your contact information.

Related Topics:

• Application for a Recommendation Letter
• Application for a Personal Loan
• Application for a Marriage License

View all topics →

I am sure you will get some insights from here on how to write “application for a student loan”. And to help further, you can also download all the above application samples as PDFs by clicking here .

And if you have any related queries, kindly feel free to let me know in the comments below.

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How to Submit an Income-Driven Repayment Application

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You’ll need to submit an income-driven repayment application at studentaid.gov or download a paper request form and submit it to your servicer (the company that sends you a bill every month).

Applying for income-driven repayment online is typically faster and easier than submitting a paper form; the Federal Student Aid office estimates the process takes 10 minutes or less.

The application is available on the Federal Student Aid website. You’ll be able to access your tax records and receive a confirmation email after submitting.

You can temporarily self-report income

You can self-report your income until six months after forbearance ends — until roughly March 2024 — according to the latest Education Department guidance.

That means you don't have to submit tax documentation when you report your income. This can be completed online when you submit the IDR application.

What you'll need to apply for income-driven repayment

To apply online, you’ll need to log into your account using your FSA ID . All applicants (online or paper) will need to provide personal information, such as:

Email address.

Phone number.

The application also requires you to provide financial information, such as:

Your family size.

Most recent federal income tax return or transcript. (The IDR Data Retrieval tool will link your tax information directly to your application.)

Information about your spouse’s income if you filed taxes jointly.

If you didn’t file taxes or your income has changed since your most recent tax return, you’ll typically need to submit proof of income earned within the last 90 days, such as:

Letter from your employer stating your gross pay.

Signed statement explaining your income, if formal documentation is unavailable.

If you’re unemployed and receiving unemployment benefits, you’ll still need to submit proof of unemployment income. If you don’t have any income, you can self-certify as such on the application.

Once you fill in the application, you'll see which repayment plans you qualify for. You'll select one, then confirm all the information you supplied is accurate and sign the application.

» MORE: Q&A: The new IDR account adjustment

What happens after you apply for income-driven repayment?

Once you submit your application, your servicer will confirm receipt via email or letter. It’ll also put your loans into a payment pause, called a forbearance, while your application processes. You don’t need to make any payments during this time, but interest will accrue and be added to the amount you owe when you start repayment.

It takes around four weeks for servicers to process IDR applications after they're received, Secretary of Education Miguel Cardona said in an August press briefing.

When your application process is complete, you’ll receive a new bill with the amount you now owe and payment will restart.

» NEWS: Student debt canceled for 804K longtime borrowers

Submit recertification information every year

Applying for income-driven repayment is not a one-and-done application process. You’ll typically need to recertify every year. Otherwise, your payments will revert back to the standard repayment plan, and that could mean a bigger monthly bill.

Your student loan servicer will let you know when you need to recertify well before the deadline.

You’ll have to recertify similarly to when you first applied using the same form on studentaid.gov or by submitting a paper form to your servicer. You’ll need to provide the same information you submitted when you first applied. Due to the payment pause, the earliest you'd have to recertify is March 1, 2024.

If you're on the new IDR plan called SAVE , recertification will happen automatically starting in July 2024. As long as you agree to disclose of your tax information, your servicer and the Department of Education will automatically reenroll you each year. You'll get a notification when this happens, including potential payment amount changes, and you can still manually recertify if you prefer.

» MORE: Everything you need to know about SAVE, the new IDR plan

If you need help applying, contact your servicer

Your servicer can help you through the process of applying for or recertifying income-driven repayment.

Third-party sources that ask for money to get you enrolled are often a student loan scam . There is never a fee to process an income-driven repayment application, and you never need to pay anyone to apply on your behalf.

» MORE: Student loan customer servicer: What your servicer can do

On a similar note...

Student Loan Application Forms Just Got Easier, Sort Of

The federal student loan application form has been simplified but its rollout might leave you scrambling.

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The notoriously complicated and frustrating federal student loan application, also known as FAFSA (for Free Application for Federal Student Aid ), has recently undergone a simplification transformation . 

The form, which historically involved some 100 questions , has been pared down to just around 20. It will also automatically pull tax data from the Internal Revenue Service , removing a bulk of the most confusing and time-consuming aspects of the form, and is now expected to take about 10 minutes to fill out.

According to the Federal Student Aid website , other changes to the form include updated income calculations as well as an expansion of eligibility for Pell grants to 600,000 new students from low-income backgrounds. Additionally, once the FAFSA is completed, you now have the option to send it to up to 20 colleges and career or trade schools.

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As Kiplinger previously reported, the sooner you file the FAFSA to get aid for college , the more likely you are to qualify for a greater amount of aid.

But, according to a November 15 Washington Post report , while the new process and adjustments to the student loan form and program will help streamline the process, the rollout has not. Due to the “complexity of the changes,” the forms, which are typically available beginning October 1, are not available this year until December 31.

As a result, students and their families now have less time between applying, finding out what they’re eligible for and deciding on a school.

“Any significant delays in delivering applicant data to schools would fall short of the spirit of the law, leaving the most vulnerable student populations in limbo as they wait for the financial aid information they need to make vital college-going decisions,” Justin Draeger, president of the National Association of Student Financial Aid Administrators, said in the report. 

The updated guidelines could also mean those with higher incomes may not be eligible to receive as much aid as they have been in years past.

How to apply

 To apply and check on the status of your loan, all students and their contributors (which are determined by tax and marital status) must sign up for a username and password on the Federal Student Aid website . There, students can also determine if their parents or spouses need to be listed as contributors, and find all the forms necessary to fill out the FAFSA.

You can also refer to the 2024-25 FAFSA FAQ playlist on YouTube for more information on how and when to apply.

RELATED CONTENT

• Seven Major FAFSA Changes: What Families Need to Know
• The FAFSA: File Early to Get Aid for College
• The Advantages of Filing the FAFSA Form Early
• Student Loan Borrowers To See Better Protections Under New Rules

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Jamie Feldman is a journalist, essayist and content creator. After building a byline as a lifestyle editor for HuffPost, her articles and editorials have since appeared in Cosmopolitan, Betches, Nylon, Bustle, Parade, and Well+Good. Her journey out of credit card debt, which she chronicles on TikTok, has amassed a loyal social media following. Her story has been featured in Fortune, Business Insider and on The Today Show, NBC Nightly News, CBS News, and NPR. She is currently producing a podcast on the same topic and living in Brooklyn, New York. 

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How to Write a Cover Letter for Student Finance

In University by Think Student Editor December 22, 2022 Leave a Comment

Sorting out your finances and funding can be difficult at any point. However, due to the rather complex systems and there often being a lack of information, it can be even worse for university students when applying for student finance. The problems especially arise when it comes to the more nitty-gritty parts of sorting out student finance, such as with your actual application for it and cover letters.

Continue reading to learn more about writing a cover letter to secure your student finance. This article will answer your burning questions about what this cover letter is all about, whether you need one and a step-by-step guide for writing your own.

Table of Contents

What is a student finance cover letter?

In general terms, a cover letter is normally used for a job application. It is a short letter, only about 5 paragraphs long, that is meant to essentially convince a potential employer to hire you. For more information about this, check out this guide by the National Careers Service.

However, for student finance, this cover letter can be pretty different and is at times less clear. While it may be in reference to the general student finance application, your student finance form. To learn more about these, check out this governmental guide .

A cover letter for student finance is more likely to be in reference to applying for additional finance for compelling personal reasons . This may also be known as discretionary funding.

This is where you are applying for additional funding from student finance to support you in your studies after having put on hold or withdrawn from your previous studies . This pause or withdrawal from your studies will need to have been unavoidable for it to come under the bracket of compelling personal reasons.

The idea of this cover letter is that you will need to explain your situation and why this means that you need more funding to study . You will also need to provide some form of evidence of your situation. For more information about this, check out this guide by the University of Manchester.

Do you need a cover letter for your student finance application?

Whether you need a cover letter for your student finance application will depend on what kind of application it is . For example, if this is just the regular student finance application, you will generally be able to apply online and so you won’t need a cover letter . To learn more about applying for funding, check out this UCAS guide .

However, if this application is for additional finance for compelling personal reasons, you will need a cover letter in order to explain your situation . Compelling personal reasons is an overarching term for a range of reasons for why someone may have had to stop or pause their studies. These can include but are not limited to mental or physical health issues, bereavement, pregnancy, or caring responsibilities.

The cover letter is important for discretionary funding as your application for this funding is much more of an appeal that the regular student finance application. In this way, your application for discretionary funding due to compelling personal reasons may not be accepted. To learn more about this, check out this guide by the Sheffield Hallam Students’ Union.

How long should your cover letter be for student finance?

While there’s not particularly an exact word count for how long your student finance compelling personal reasons cover letter should be, it mostly like will only need to fit about one side of A4 . In fact, considering how it is in some ways structurally similar to the cover letter of a job application, it is likely that once again you may only need about 5 or so paragraphs, as mentioned above.

While it is unlikely to be very long, you will need to make sure that you include everything . Included in your student finance cover letter will need to be:

• Your personal details – This is including your name, address, ways of contacting you such as email or phone number and your student finance reference number.
• An explanation of what you are requesting – This is essentially to explain what type of funding you need, whether this is a reinstatement of funding from the year you couldn’t complete or if it is the continuation of your maintenance loan during your suspension of studies.
• An explanation of your situation – This is where you would explain what your compelling personal reasons for pausing or suspending your studies are and how they have affected you.
• An explanation of the timeframe – This is where you would explain when the problem(s) began and how long they have been an issue for.
• An explanation of how your situation has changed – This is for you to explain why the same situation that suspended your studies is unlikely to happen again.

For more information about all of this, check out this guide by Northumbria University.

How do you write a cover letter for student finance? (step-by-step guide)

Writing your cover letter for compelling personal reasons to student finance is no easy feat. However, it is such an important part of your application that it is important that know how to do it.

The following steps will take you through a step-by-step guide on how to write your cover letter to student finance. The information included in the following sections is taken from this guide by Aberystwyth University and this guide by Northumbria University. To find a template of a compelling personal reasons cover letter, you can check out this guide by Nottingham Trent University.

Step 1: Set up your student finance cover letter

The first thing you need to do when writing your compelling personal reasons cover letter is to properly set it up. By this, I mean that you need to essentially get your personal details section written and then plan what you’re going to put in the rest of the cover letter.

Your personal details section is essentially the part where you are actually setting it up as a formal letter. As mentioned above, this section is going to need to include your name, your student finance number, your address, your email/ phone number as well as the date of the letter .

Then, I would suggest planning your other sections to make it easier to write them up when it comes to it. To learn more about what the key points of each of these sections are, continue reading the following steps.

Step 2: Explain what you a requesting from student finance

For student finance to be able to help you, they will need to know what you need help with. This is why it is so important that you explain what you are requesting from them in your cover letter. It can also help to put it at the start to get it out of the way before your other sections.

However, you may also feel that it fits best at the end to wrap up your cover letter. The choice on how to structure your cover letter is up to you. To get you started, you may wish to use phrases, such as “I am writing to request…”.

Step 3: Explain what your situation was to student finance

For student finance to be able to properly consider your application, they will need to know what the circumstances that led you to suspend your studies were. In this part of your cover letter, you will need to explain your compelling personal reasons. This will need to be done in some depth so make sure you put enough focus on it .

This is the part where you would explain what the situation was, how it affected you and when your problems started and ended. You will also want to write about the emotional and/or physical effects it has had on your wellbeing, which have made you unable to carry on with your studies. To do this, you may want to use phrases, such as “I experienced…” or “I suffered with…”.

You will also need to include evidence of your situation, such as a medical note for health issues or a death certificate for bereavement. While this will not be in the cover letter itself, you will likely need to refer to where this evidence comes from and what type of evidence it is .

Step 4: Explain how your situation has now improved to student finance

In order to convince student finance that the funding will go to good use, you have to explain to them how your situation has changed so that you suspending your studies again is unlikely to happen . To do this, you may wish to describe any treatment you have had and explain how it has improved your situation or describe how your situation has otherwise improved.

The student-loan forgiveness application is now live. Here's how to fill it out to get up to $20,000 of debt forgiven.

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate student loans to write unbiased product reviews.

• The federal student-loan forgiveness application is now live.
• You need your name, Social Security number, date of birth, email address, and phone number to apply.
• To qualify, you must make less than $125,000 a year for individuals, and $250,000 for married couples.

UPDATE: November 2022 — Several courts have blocked Biden's student-loan forgiveness plan and the application is temporarily closed. You can sign up here to get updates on the status of the plan.

The Biden administration's application for student-loan forgiveness has officially opened to borrowers.

The application was briefly made available in beta mode over the weekend; if you submitted an application during the beta-testing period, you do not need to apply again.

On August 24, President Biden announced that he would forgive $10,000 in student loans per borrower , $20,000 if you received a Pell Grant, if you meet the following income requirements:

• Annual income of $125,000 or less for individuals
• Annual income of $250,000 or less for married couples who file their taxes jointly

Here's what you'll need to have on hand to fill out the application and apply for student-loan forgiveness.

You'll need to provide 5 pieces of information to apply for student-loan forgiveness

The student-loan forgiveness application only asks for these five pieces of information:

• Date of birth
• Social Security number
• Email address
• Phone number

You will also be asked to check a box certifying that you meet the income requirements of $125,000 a year or less for individuals and $250,000 or less for married couples who file their taxes jointly .

Here's what the application looks like from a cell phone:

The White House says it wanted to make the student-loan forgiveness application process as easy and seamless as possible by using borrowers' Social Security numbers to verify income. However, an estimated 5 million borrowers will have to submit additional documents , like a 1040, tax transcript, or proof of non-filing in order to verify their income.

How do I know if my student loans are eligible for forgiveness?

Only federal student loans held by the US government are eligible for Biden's forgiveness plan.

Here's a complete list of student loans eligible for forgiveness:

• Direct loans
• Parent PLUS loans
• Direct PLUS loans given to graduate and professional students
• Consolidation loans (with underlying loans held by the Department of Education and disbursed on or before June 30, 2022)
• FFEL loans held by the Department of Education
• Perkins loans held by the Department of Education
• Defaulted loans (including Department of Education-held or commercially serviced Subsidized Stafford, Unsubsidized Stafford, Parent PLUS, and graduate PLUS loans, and Perkins loans held by the Department of Education)

The easiest way to check whether or not you have a private student loan that qualifies for forgiveness is to log into studentaid.gov and click "view details." Your loan type will be right above the green circle that shows your student-loan balance.

Additionally, you can check your student-loan servicer. If your student-loan servicer is Nelnet, MOHELA, or one of the federal student-loan servicers listed below, your student loans qualify for forgiveness.

Here's a complete list of federal student loan servicers:

• FedLoan Servicing (PHEAA)
• Great Lakes Education Loan Services, Inc.
• Edfinancial
• OSLA Servicing
• Default Resolution Group

If your loans are managed by servicers not listed above, they are privately held and ineligible for forgiveness.

How do I know how much forgiveness I am eligible for?

If you meet the income requirements of $125,000 or less per year for individuals, and $250,000 or less per year for married couples who file their taxes jointly, and you have an eligible loan type, you are eligible for $10,000 in student-loan forgiveness.

If you received a Pell Grant , you are eligible for $20,000 in student-loan forgiveness. Pell Grants are federal grants given to students with exceptional financial need. To check whether or not you received a Pell Grant, log into studentaid.gov to view your student loan details.

If you see two circles on your dashboard that look like the image below, you received a Pell Grant, and you are eligible for $20,000 in student-loan forgiveness.

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Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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