How to File for a Student Loan
The average cost of tuition and fees for public in-state post-secondary education facilities for 2009 to 2010 was $9,120, according to the National Center for Education Statistics, a division of the U.S. Department of Education. With college costs always on the rise, you might consider taking out a student loan to cover some or all of your tuition, fees, books and room and board while you attend school. There are several types of student loans available, but most of them require you to fill out a federal application to help your school's financial aid department determine your eligibility.
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Things You'll Need
- Your tax information
- Your spouse's tax information
- Your parents' tax information
- Bank statements
- Investment records
- Any other income documents
Instructions
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Gather the paperwork you'll need to fill out the Free Application for Federal Student Aid (FAFSA). You'll need a copy of your taxes from the most recent year, as well as your spouse's taxes or your parents' taxes if you are a dependent student. Generally you're considered to be a dependent student if you are under 24-years old, unmarried, do not have children and are not in the military, even if you do not live with your parents. You'll also need your banking and asset information.
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Find your school code on the FAFSA website or by asking the financial aid department at your school. Obtain codes for all of the schools you're considering so you can enter each one on the FAFSA.
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Request a PIN at fafsa.ed.gov. The PIN allows you to sign your FAFSA electronically and provides you with access to online information regarding your student loans and other types of financial aid.
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Fill out the information on the FAFSA online at fafsa.ed.gov or fill out a paper FAFSA provided by your school. You can also request a paper FAFSA from the website. Be as thorough as possible and never enter false or misleading information. You can make corrections to your FAFSA after you file if necessary, but this might delay the financial aid process.
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Discuss your student loan options with a financial aid advisor at your school after you receive your Student Aid Report (SAR). It might take several weeks to receive this report after you submit your FAFSA.
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Complete a Master Promissory Note (MPN) for your student loans. Your school might provide you with a paper copy or advise you to fill it out online at the FAFSA website.
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Complete the entrance counseling if you are taking out a student loan for the first time. Your school's financial aid department will direct you to a website to complete the entrance counseling, which provides you with all the information you need to know about your loans and quizzes you on each section of information to ensure you understand.
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Discuss your options for student loans or personal loans with your bank or credit union if you don't qualify for federal student loans or if the amount of your loans is not enough to cover your college-related expenses. Some banks offer student loans to people with good credit or people who can provide some sort of collateral for the loan.
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Tips & Warnings
Check with your school for school-specific deadline dates for filing the FAFSA and other student loan paperwork. Your school's deadline might be earlier than the federal deadline.
Make sure you understand the terms and conditions that apply to your student loan, including interest rates, repayment terms and the approximate amounts of your payments once the loan goes into repayment. You have 10 years to pay back most student loans, and most do not go into repayment until six months after you graduate or drop your course load to less than half time. Ask your bank or credit union lender for detailed information related to interest rates and repayment terms for student loans you file for on your own. The interest rates are often higher and student loans done directly through a bank often require you to start paying the loan back immediately.
Don't pay a company or individual to fill out your FAFSA for you, even if they claim they can get additional loans for you. Ask your school's financial aid department for help if you're having trouble filling out the FAFSA. Applying for a student loan doesn't mean you'll qualify for one. Things such as a felony drug conviction or defaulting on student loans you took out in the past may disqualify you from many loan programs.
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