What Kind of Documents Do You Need to Get Student Loans?
Attending an institution of higher education for college or graduate level study can be expensive and many students finance education through financial aid packages that include support such as government loans, private loans, scholarships and work-study. Students can fill out a Free Application for Federal Student Aid, or FAFSA, which schools can use to create an aid package that may include federal and private student loans. Filling out a FASFA requires that that applicant refer to several different types of documents.
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Income and Financial Information
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The purpose of the FAFSA is to determine how much help a student needs in paying for her education. A professional who is returning to school after several years earning a high income probably does not need to borrow as much as a recent high school graduate who comes from a low-income family. According to the U.S. Department of Education, applicants for student aid need their W-2 income forms from the previous year and other records of income, such as 1099 tax forms that record self-employment income, to complete a FASFA. In addition, applicants need their current bank statements, business records and records of investments like stocks, bonds and mutual funds.
Tax Forms
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In addition to W-2 forms and 1099 forms, students filling out a FASFA to get student loans need their tax returns. For example, the Department of Education states that applicants need their 2010 federal income tax return to obtain aid for the 2011-2012 school year. The federal income tax forms required are either IRS Form 1040, 1040A or 1040 EZ, or a foreign tax return, for most taxpayers. Married applicants also need their spouse's tax returns.
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Identification Cards
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Applying for student aid requires the student to provide personal identification. Applicants should have a Social Security card on hand as well as a driver's license. Social Security numbers are used to identify applicants so it is imperative to enter the number correctly.
Parent's Tax Forms
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The income level of his parents can impact a student's eligibility for financial aid. Students who come from low-income families are more likely to get subsided loans, grants and other types of aid. Aid applicants who are dependent students need provide information from their parents' federal income tax returns from the previous year. Applicants who live with their parents and who do not pay for their own care are dependent students.
Considerations
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Schools can use the FAFSA to help students get federal, state and private loans. In some cases, students may decide to apply for additional private loans on their own. Private lenders set their own application requirements, so the information necessary to apply for a loan can vary from one lender to another. Private lenders typically require the same type of financial information required by the FAFSA.
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