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How does pre-approval of credit for 2nd year work?

Should you be granted approval for your first-year loan from us, we will also inform you if you have ‘pre-approval’ for a loan for your second year, and the maximum loan amount. Pre-approval is based on the estimated budget details provided in your current application. However, please note that as your second year approaches you will need to provide a new application for final approval on your second year loan.

Prior to final approval of the second year loan amount, you must provide any updates to your budget and expenses, and inform us of any changes to your financial situation. This benefits us, you as the student, and the school. For example, if you want to ask for a higher loan amount for the second year, and you have a job offer to show us, these changes may impact the loan offer granted for the second year.

 

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