How to Get a Student Loan
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:
-
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.
- 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
- 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.)
- 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.