How to apply for a student loan!
With the rising cost of schooling, itâ€™s a foregone conclusion that an education loan is an essential. So you have to apply for a student loan to different facilities to make your studies possible. The application process for a study-loan is not really difficult but it does require a lot of paperwork which can be overwhelming at times. You can reduce the stress by applying online for you rpreferred loans like federal loans, private loans and grant loans. This article will give you a quick idea on how to apply for a student loan with the least amount of hassle,
â€¢ You have to log on to the website and fill out a form called as the FAFSA form or the Free Application For Federal Student Aid. This form is accompanied by a detailed list of instructions so it should not be difficult to do it in ten minutes.
â€¢ The U.S. Department of Education uses the information from your FAFSA application to carry out a calculation and sends these results to the schools you selected on the FAFSA by writing down the FAFSA number of the college. These results will establish your eligibility for aid from the federal student aid programs.
â€¢ You will also need the following information, Borrowerâ€™s social security number, and driverâ€™s license number. Two references with their complete information(usually your parents)
â€¢ Youâ€™ll receive an acknowledgement letter. Print a confirmation of this report called as the Student Aid Report (SAR). Be sure to include the school or college FAFSA code, which you wish to apply to.
â€¢ Confirm with the financial aid office or the financial officer of the college where you want to attend, that the school has received all necessary information and paper work to decide your suitability for financial aid. The school will provide you an award letter detailing the type and amount of financial aid that you can get.
â€¢ Apply for your federal loan. The main federal loan for students is the Stafford Loan, the FFELP loans and FDSLP loans .
â€¢ A Master Promissory Note application (MPN) is usually sent with the financial aid award letter by the college to the student. This MPN should be completed and returned to the College’s Financial Aid Office and the Finance officer along with any other paperwork or documents, which the college has requested. Or the student can complete his MPN online through the website of the lenders.
â€¢ Sometimes the amount of the federal aid is not sufficient for studies, as well as, daily expenses. So students can evaluate the amount of expenses they will incur on household expenses and apply for an alternative loan.
â€¢ But please remember that private loans will require a credit check and a cosigner, with a higher interest rate so try to keep the amount to the minimum.
â€¢ Return all completed documentation to the Financial Assistance Office or the financial officer, after you have completed all of the steps above, as well as applied for the loan online.
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Applying for a student loan seems easy but you have to be careful not to miss out on any documentation and paper work that the college requests. Do everything step by step and you are stress-free.