How do I Apply for a Student Loan?

How do I Apply for a Student Loan?

Posted on November 5, 2008 by admin

Your education won’t be cheap and for the majority of students, financial help is required. You may have to apply for more than one loan to get you through your course and while applying for loans is time consuming, it doesn’t have to be difficult.You can reduce the stress involved by applying online for your loans. Whether they are federal loans, private loans or grants, we’ll give you a few hints on how to speed up the process and apply with the minimum of hassle.

First step:
• Get a form online such as the FAFSA form which is the Free Application for Federal Student Aid. The form carries a detailed list of instructions so it shouldn’t be hard to fill it out in 10 minutes or so.
• The U.S. Department of Education utilizes the information from your FAFSA form to carry out calculations on your behalf. They then send the results to the educational establishments that you selected on the FAFSA form. These results create your eligibility for aid under the federal student aid program/s.
• You’ll also need the following details; your social security number and driver’s license number. 2 references – these are usually your parents.
• You receive acknowledgement by letter of your application. You should print the confirmation of the report which is called the Student Aid Report (SAR). Be sure to include the FAFSA code of the school you wish to attend.

Second step:
• Verify with the financial aid office at your chosen school or college that they’ve received all the necessary information and paperwork that they require to assess your eligibility for aid. The school will supply you with an award letter that will detail the type and amount of aid that you can receive.

Third step:
• Apply for you federal loan.
• A Master Promissory Note application (MPN) is usually forwarded with the financial aid award letter by the school to the student. The MPN should be filled out and returned to your school’s Financial Aid Office.

Applying for you student loan is easy but to be careful not to omit out any documentation that your college asks for. Do each thing one at a time.

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