How To Apply For Student Loan

For many students, a task that is even more daunting than college itself is figuring out how to apply for a student loan.  While the paperwork may seem intimidating and complex at first, there are many resources available to help you through the process.  Many colleges and universities are changing over to online form submission, which makes it even easier for most people.

Federal Programs For Student Aid
The first step to applying for a student loan is to complete the standard application for federal student aid.  The Free Application for Federal Student Aid (FAFSA) is available online for convenient electronic submission, or is available as a paper form from many guidance counselors.  Once you have submitted the form, it will be evaluated and you will receive a Student Aid Report that profiles your eligibility for the most common types of federal student aid.  You may be eligible for other types of federal aid as well, so be sure to check out other available programs as well.

Private Student Loans
Depending on the amount of federal student aid you are awarded, you may need to obtain additional aid to cover all of your college expenses.  A common method of doing so is to seek out and apply for a private student loan.  Research lenders, rates, terms and application procedures carefully to ensure you find the best deal for you.  As with the FAFSA, most lenders offer online completion and submission of forms.

PLUS Loans
Some students also receive financial support for their education via their parents, who need to borrow money to do so.  The federal program for parents seeking a loan for their child’s education is called PLUS, and it is also a program that accepts online submission of forms.  While this is not a student loan in the strictest sense, the federal program and many private loan programs offer special interest rates to ease the burden on parents.