Writing an Application Letter for Education Loan (with Sample)
Use this sample application letter for education loan as a template for your formal letter.
Last updated on January 16th, 2019
To get anywhere in life, a person needs a college education. Unless an individual has fallen into wealth, they will have to finance their degree. The whole financial loan application can be a big nightmare and overwhelming to say the least.
It is best to start with an application letter and this can start the ball rolling. Student loan options are vast and depending on income and whether or not a parent’s income is involved may dictate what the student will qualify for.
To begin this type of letter, make sure to have all the information necessary to write the letter. The student loan finance company or bank will need to know what school, the anticipated graduation date and other basic information.
This is all important to processing an application, and should not be left out. If the lending institution has an application, it is appropriate to include this application along with this letter. If an additional application is attached, this can be used as a cover letter.
Using a standard business format, the letter should be done in block with no indentations. Start by putting the applicant’s name and address in the top left hand corner of the page. Next comes the date, which should be written out for all letters no abbreviations should be observed on the date.
After this important information, the lending institution or bank’s name and address should be next. If there is a specific contact at the bank that has been helping, be sure to include their name. If there is not a specific person, be sure to put attention to the lending department. A bank has many departments and sending a letter without proper direction could result in a delay.
Start the first paragraph by stating the purpose of the letter. Banks receives hundreds of pieces of correspondence each day; to think that they are going to personally ready each one in the mail room is impossible. This is why it is important to direct it to the right department or person.
Also, they may just skim the letter, so you want to make sure that the intent is stated in the first paragraph. Try not to ramble and put unnecessary things in the letter, as this can cause the reader to miss key points; especially if they skim.
Do some research and find out exactly how much money is needed. Find out what the cost of room and board and what tuition and books will cost. There is no need to write a letter unless it has all the facts. The letter is just the start; they will need more information from the applicant. Be sure there is contact information during business hours and use the appropriate closing.
Sample Application Letter for Education Loan
2390 Heart Lane
Minerva Park, Ohio 43080
Huntington National Bank
7070 Worthington Galena Rd.
Westerville, Ohio 43081
Attn: Student Loans/Lending Department
Dear Lending Department,
I have been a customer of Huntington National Bank for 3 years and my family has done business with your bank for more than 30 years. I have decided to peruse my education at the Ohio State University. I want to have the full college experience and life on campus.
The cost of an education from such an Ivy League school is expensive and I would like to look to you for financing. For my freshman year, I expect costs to be somewhere between $21,000-$25,000.
My parents are generously willing to co-sign for my loans. They have excellent credit ratings, as do I. While most people use the student loan companies, we decided to use a bank that could finance the loan and use the equity in my parent’s home as collateral.
I completed the application for student loan assistance and have attached it for your review. Please take a minute and look through everything and make sure we have filled it out correctly.
I would like to speak to you further regarding this matter. I am available anytime on my cell phone at 614-288-0987. I would like to have this secured before the winter quarter begins, as I am slated to start at that time.
By Andre Bradley