How To Get A Student Loan
About Student Loans Student loans are a type of loan that is specifically designed for students and their main purpose is to provide funding for the education of students who cannot afford their educational expenses on their own. Student loans are one of the best ways to pay for educational expenses like tuition, books and lodging especially if a student fails to qualify for free forms of financial aid like grants and scholarships.
How to Get a Student Loan
The first step in the process of how to get a student loan is learning what types of student loans are available and which ones suit you best. The two general options are private student loans and federal student loans. Private student loans are obtained from private financial companies while federal student loans are provided by the US Government’s Department of Education. Both types of loans have different application procedures and the steps on how to get a student loan vary according to the type of loan.
How to Get a Student Loan – Federal
In order to get a federal student loan, the applicant must first fill a Free Application for Federal Student Aid (FAFSA) form. This form is then submitted to the DOE over the internet, by post or in person. The information in this form includes the applicant’s financial and educational information and this is used to judge the eligibility of the applicant. If the application is successful, the applicant is informed through post and email.
How to Get a Student Loan – Private
Private companies that offer student loans do not have generalized application form as every company has their own set of terms and conditions for the provision of student loans. Once a student picks the loan provider they are willing to go with, they are required to fill in that company’s forms. Providing collateral or co-signers are sometimes required for private student loans while other conditions might be added by the loan provider.