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Student loans can make college more affordable. Learn how to apply for a student loan and the eligibility requirements you’ll need to meet. (Shutterstock)
When you’re applying for a student loan for the first time, it’s easy to feel overwhelmed. You can choose between federal student loans from the government or private student loans from private lenders. You should always explore your federal loan options before switching to a private loan.
Whether you need a federal loan, a private loan, or both, here’s how to apply for a student loan and the general qualifications you’ll need to meet.
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If you’ve exhausted all of your federal loan options, you may need to turn to private loans to cover your remaining education expenses. Visit Credible to learn more about student loans and see your pre-qualified private student loan rate in minutes.
The U.S. Department of Education offers federal student loans. These loans come with benefits such as low, fixed interest rates, flexible payment plans, deferment and forbearance, and the possibility of forgiveness. Because of this, you should apply for a federal loan before switching to a private loan. Here’s how to apply for a federal student loan:
Most federal student loans fall into two categories: subsidized and unsubsidized. With subsidized loans, the federal government pays compound interest while you’re in school at least half the time, saving you money over the life of the loan. But these loans are only available to students who demonstrate financial need, and you can only borrow a certain amount each year.
With an unsubsidized loan, you are responsible for paying the interest that accrues, including while you are in school. The good news is that these loans have high borrowing limits, and you don’t have to prove financial need.
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Although subsidized and unsubsidized loans are more common, the federal government also offers Direct PLUS Loans, which are available to qualified parents, as well as graduate or professional students.
Once you understand what type of loan you can get, it’s time to gather any documents or information you’ll need before applying, including:
If you are an independent student, you will only need the above information for yourself. But if you are a dependent student, you will need the same information and documents from your parents.
The Free Application for Federal Student Aid (FAFSA) is the form that all students and their families use to apply for federal aid – including grants, scholarships, and home loans. student On the FAFSA, you’ll share important information about your family’s finances to help the federal government and schools determine how much your family can afford and how much aid you may qualify for.
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After you complete your FAFSA, you will receive a Student Aid Report, or SAR, which summarizes the information on your FAFSA, reports your Expected Family Contributions, and includes what government aid you may be eligible for. .
You can expect to receive this report within three to five days if you provided an email address, or as long as two to three weeks if you did not provide an email address.
Review the SAR information when it arrives to make sure everything is correct. If you find an error, you will need to make corrections or update your FAFSA.
Depending on which school you applied to, you may also complete a CollegeBoard CSS profile. This application is similar to the FAFSA, but instead of determining whether you qualify for federal student aid, it helps you qualify for institutional aid from colleges and universities.
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Once you’ve applied and listed the schools you’re considering, you can find out if you qualify for scholarships or grants from those schools. Each school has a different deadline for completing the CSS profile, but most require you to complete it before the end of your senior year of high school.
Completing the CSS Profile is free for undergraduate students whose household income is less than $100,000. For families with income above that amount, the initial application fee is $25, and additional reports cost $16.
Next, you will receive a financial aid offer letter from the financial aid office of the school or schools to which you applied, either electronically or by mail.
Your application letter will list the financial aid for which you are eligible, including loans, grants, work-study programs, and scholarships from the federal government, state government, and the school you attend.
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The letter also includes information about the cost of attending school: the cost of travel expenses, the Expected Family Contribution, and your total cost remaining after financial aid. Talk to your school’s financial aid office if you have questions about your application.
It’s always worth accepting grants or scholarships because they’re essentially free money that you don’t have to pay. And government work study, while you have to work for the funds, doesn’t have to be paid.
If you can’t get enough federal money to pay for school in full, a private loan can help cover your remaining education costs.
Private lenders offer personal loans, and you usually need good to excellent credit to qualify. If you have strong credit, you can access lower interest rates. Additionally, you can borrow up to the full cost of your education, which is not the case with government loans.
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But these loans have some problems. Because many first-time student loan borrowers may not have established credit history, they may need to apply with a cosigner to qualify. And if you or your cosigner don’t have good credit, you could be stuck with high interest rates.
Private loans are less flexible when it comes to repayment. You may be required to repay the loan as soon as the loan is disbursed. And when you’re done, you may have scheduled payments that aren’t based on your income.
The good news is that there is no shortage of private lenders to choose from. But since there are so many, it can be a challenge to find the right one for you. A good starting point is to compare interest rates and loan terms from multiple lenders. The better your interest rate, the lower your student loan cost in the long run.
Because private loans come from individual lenders, they can set their own loan requirements. Others may require a certain credit score or income level. Some lenders may also charge application fees or origination fees to process the loan.
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Once you’ve found the lender with the best interest rate and you’re confident about their loan requirements, complete your application. Provide any documents requested by the lender, which may include pay stubs, W-2s, and bank statements. Depending on your credit history,
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