Completing Your Student Loan Application

Once you have found the online forms for your federal student loan application, you will need to sit down at a time when you are not rushed and be prepared with the information required by the form.  In most cases you will need to do this with your parents alongside to help, as they will need to provide information as well.

Personal Information
Your federal student loan application will require personal information about you as well as your parents.  Full name, address, and social security number are standard, along with bank account and employment specifics.

Financial Information
The application will require full disclosure of financial information.  This includes recent income tax returns, stock market and other financial holdings, as well as property and other assets owned.  Both you and your parents will need to provide these figures.  The form will also look at outstanding debts owed by you and your parents, including credit cards, car loans, and other payment amounts.

Federal vs. Private Student Loan Applications
In general, the federal student loan application requires the most in depth information from you and your parents.  This is because federal programs consider financial need when calculating aid awards and they need to have a complete picture of your family’s financial resources.  A private student loan application, on the other hand, may not require as much or even any information from your parents if yours will be the sole name on the loan.  If your parents will be co-signors then they will need to provide financial information to verify their credit worthiness alongside yours.

Waiting For A Decision
The decision process for federal student loan awards is somewhat drawn out, because the programs consider applications from all over the country.  The vast volume of applications means it takes some time to evaluate qualifications and determine eligibility for federal student loan programs.  Private lenders, on the other hand, will usually render a decision fairly quickly.