How To Apply For A Federal Student Loan
To apply for a federal student loan, you must first complete and submit a Free Application for Federal Student Aid (FAFSA®) form. If you are approved, the college will send you a financial aid offer. Your guidance counselor can explain how to accept all or part of a loan.
Tip:
To increase your chances of getting a student loan, work on raising your credit score, finding a co-signer, and applying with multiple lenders.
Complete Entrance Counseling
This helps ensure you understand the terms and conditions and rights and responsibilities of your loan. You will learn:
- What a loan is
- How interest works
- Your options for repayment
- How to avoid delinquency and default
Review Your Loan Terms
You agree to repay the loan according to the terms and conditions even if you don’t:
- Complete your education
- Receive a job offer after graduation
- Believe your education met your expectations
Making Your Loan Payments
You are required to:
- Make on-time payments even if you don’t receive a bill, repayment notice, or a reminder
- Pay the full amount due since partial payments aren’t considered on-time
Tip:
You can contact the financial aid office at the school you are planning to attend for details regarding their process.
Be A Responsible Borrower
It is important to keep track of how much you are borrowing. Consider:
How the amount you borrow might affect your future financial situation
How much you can afford to repay
Your student loan payments should be only a small percentage of your salary after you graduate, so it is important not to borrow more than you need
Research starting salaries in your field to get an idea of how much you are likely to earn after graduation:
Ask your school for starting salaries of recent graduates in your field
Use the U.S. Department of Labor’s Occupational Outlook Handbook or career search tool to research careers and salaries
There Are Many Types of Student Loans
The two main types of student loans are federal and private. Within each type are subsets that might appeal to you based on your credit history, financial need, and other factors.
Federal loans were established to help students with limited funds, or a poor credit history, receive a good education. Private loans offer customized options to students with a strong credit history.
Federal Student Loans
Private Student Loans
Fees
Borrowing Limits
Interest Rates
Cancellation Policy
How to Apply for a Federal Student Loan
How to Apply for a Private Student Loan
Repayment Options for Federal Student Loans
Repayment Options for Private Student Loans
Forgiveness Options for Federal Student Loans
Tax Implications
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