How to Get a Student Loan in Virginia
The cost of attending college can be an enormous hurdle for a student who wishes to pursue her dreams of a higher education. Virginia students who are struggling to pay for an education at one of the state's 119 colleges can take advantage of the federal Stafford Loan program, which provides low-interest loans to college students. Federal student loans are available regardless of creditworthiness and do not need to be repaid until after a student completes her degree or stops attending school.
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Instructions
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Complete the Free Application for Federal Student Aid (FAFSA). The FAFSA may be completed online through the FAFSA online website or by requesting a paper form by calling 800-433-3243. The FAFSA is used to determine a student's expected family contribution (EFC), which in turn determines her eligibility for most financial aid programs, including student loans.
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Apply to the college where you plan to attend school. A student must be officially accepted at a school before a student loan can be processed.
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Complete any additional forms required by the financial aid office at the school you expect to attend. Additional forms will vary, but may include a dependent student worksheet, proof of residency or tax returns. The financial aid office at the school will provide a list of all additional documentation needed in order to package your aid.
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Accept the student loan amount offered in your financial aid package. If you do not need the entire amount offered, contact the financial aid office to reduce the amount of the loan.
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Sign the Master Promissory Note. The first time a student receives a Stafford Student Loan, a Master Promissory Note must be signed and serves as a promise to repay the loan. Additional loans may be taken out during the course of the educational program without signing another promissory note.
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Tips & Warnings
The priority deadline for the FAFSA is March 1st.
Make sure you accept all grants before relying on student loans as grants do not need to be repaid.
If the Stafford Loan program does not provide enough aid, there are a variety of private lenders that may provide additional funds. Application procedures and requirements will vary by lender; however, creditworthiness will be a factor for a private student loan.
