How to Obtain Student Loans
You can obtain student loans if you qualify. Federal Student Loans are guaranteed to you as long as you have not defaulted on a previous student loan and are enrolled at least half time in a college that participates in the Federal Student Loan program. With that said, there are several other eligibility requirements to participate in the Federal Student Aid program. These are mainly related to citizenship, Selective Service registration (if male), and a few others that most people meet. Here are the steps in obtaining a student loan if you are attending a school at least half time (as defined by your college).
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Things You'll Need
- Free Application for Federal Student Aid (FAFSA)
- Tax Return
- Master Promissary Note
- Entrance Loan Counseling Form
- Pen
- Live or Online Financial Aid Advisor from the College
Instructions
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To obtain student loans you will need to complete the Free Application for Federal Student Aid (FAFSA).
This is an application that is published by the United States Department of Education. You can obtain one from the college's financial aid office, online at fafsa.ed.gov, or at your local library. You will need your tax return to complete this form. Once complete, provide it to the college's financial aid office or submit it online for processing. -
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To obtain student loans you will need to complete an entrance counseling form/session.
This can be done online or on paper. The financial aid office will tell you how to complete this requirement. This is required before you may receive any of your student loan disbursements. It goes over your rights and responsibilities for repayment of your student loan. -
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Your college's financial aid representative will inform you which student loans and eligibility amounts you qualify for before having you complete the master promissory note. This is the student loan application. You always have the right to choose your lender.
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Tips & Warnings
Keep copies of all forms you complete and receive related to your student loans.
Keep your lender informed of any changes to contact information, i.e., new phone number, new address, new last name, etc...
Try and pay a small monthly amount on your student loans while you are in school.
No one should ever charge you to complete the FAFSA or charge to assist you in completing the FAFSA.
Borrow wisely. Don't borrow more than you absolutely need even if it is offered to you.
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Comments
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Fortamat
Dec 16, 2008
very informative, thanks alot! -
taskeinc
Oct 28, 2008
Got 2 kids on the way to college in the next 4-5 years, this article will come in handy.
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David Sarokin
Oct 05, 2008
Good, crisp, How-To for student loans. Thanks for posting this.
