How to Get Money for Student Loans
Student loans help many college attendees pay for courses and tuition, among other expenses. Federal student loans--perhaps the best kind to obtain because of lower-than-average interest rates-- include the Stafford Loan, Perkins Loan and Federal Supplemental Educational Opportunity Grant (FSEOG). To be eligible for these students loans you have to demonstrate financial need, which should be evident in your application for federal student aid.
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Instructions
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Figure out how much money you will need to borrow. Review the cost of tuition for either full-time or half-time depending on your enrollment status. Include the cost of books, housing and meal plans if you intend on eating at the college campus.
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Apply for federal student loans by completing and submitting the Free Application for Federal Student Aid (FAFSA). Fill out and submit the FAFSA application on their official government website or request a paper application to submit. To fill out the FAFSA you'll need to list all sources of annual income, the income of your caretakers if you're a dependent and any assets or savings you own. You'll also need the school code for the college that you want the FAFSA results sent to.
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Wait for the results of the FAFSA to be sent to your school and a subsequent financial package to be awarded to you from the college. The financial package awarded is dependent upon the information the college obtains from the FAFSA process.
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Review the details of your awarded federal student loans. Add the total amounts for all the student loans and aid that you're eligible for to make sure that it covers the cost of tuition, meal plans and other crucial school expenses. Accept the offers for the student loans; the excess financial aid will usually be refunded to you in check or cash form from your college if you accept more federal student loans than you need.
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Apply for a private student loan product if your federal student loans were not enough to cover the cost of attending your university. Options for private student loan products can be found on websites of major banks such as the Bank of America and Wells Fargo. Specialty loan companies such as Sallie Mae also offer private student loans. Requirements for these types of loans include having a decent credit report and score, or applying with a co-borrower who does as well as being enrolled in school a certain amount of hours per week.
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Wait for the response from the private student loan company about whether or not you were approved for a student loan. In some cases, student loan money is directly given to you in the form of a check or money order. In other cases, student loan money gets disbursed directly to your college to pay for remaining tuition and costs.
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Tips & Warnings
Submit the FAFSA before February 15, which is the priority deadline for many colleges if you want to be eligible for student loan products.
