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How to Get a Student Loan
devider Today, college students and their families are faced with an enormous financial burden. The cost of tuition is rising, the economy is weakening, and credit is tightening. Figuring out how to pay for a college education can be a daunting task. Aside from working to pay for tuition, most students depend on a combination of scholarships, grants, and student loans.

How to Get a Student Loan:

  1. File your FAFSA (Free Application for Federal Student Aid). The government uses this information to determine how much money your family is able to contribute. In other words, the government makes an assessment based on how much your family makes as to how much the government will loan you. This amount is broken down by the amount of money your parents make, their assets, and several other financial factors. Most colleges also use this data to award grants and/or scholarships.

  2. Nearly every student is eligible for some form of financial aid, including low-interest Federal Stafford and/or parent PLUS loans, regardless of income or situation. However, you must meet the following criteria:

    • Must be a U.S. citizen, a U.S. national, or an eligible non-citizen
    • Have a valid social security number
    • Have a high school diploma or GED
    • Must complete a FAFSA promising to use any federal aid for educational purposes
    • Do not owe refunds on any federal student grants
    • Are not in default on any student loans
    • Have not been found guilty of the sale or possession of illegal drugs during a period when you received federal student aid

  3. FAFSA applications can be submitted electronically online or by mail. Online applications are usually processed within 3 days whereas paper applications can take up to 3 weeks. It's important to note that applications are due by January 1st of every year and because financial aid is awarded on a first-come, first-serve basis, it may be in your best interest to apply online. (Also, both undergraduate and graduate students must apply each year to receive financial assistance.)

  4. Your financial aid package will be available to view online as well as sent to you by mail. Nowadays, it is not uncommon the amount to be insufficient. If that's the case, there are private money lenders that can fill the gap. Multiple lender services like MoneyNowUSA help you acquire the money you need for your education.
For information on repaying student loans.