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Student Loans
Need a student loan? A student loan helps you get through college.
Find tips on how to apply for
student loans and helpful information
on the different types of student
loans.
Resolution3 | How To Find The Right College |
Starting College
How to Apply
for Student Loans - 5-Step Financial
Aid Process for College Financing
- Complete
a FAFSA
The first step in the Financial
Aid Process is to fill out
the Free Application for
Federal Student Aid (FAFSA).
You can get the FAFSA from
your guidance counselor,
through your prospective
college's Financial Aid
Office, or even apply online.
It's best to send in the
FAFSA as soon as possible
after January 1st.
- Apply
for FREE Money
Grants and Scholarships
that do not need to be repaid
are by far your best choice
to fund your college education.
You may need to make a commitment
(for instance, maintain
a certain G.P.A. while in
college) in order to retain
these scholarships, but
explore this option first.
For most students, the lion's
share of financial aid comes
from student loans, but
you should always investigate
your "free money" options
(grants/scholarships) and
lowest-cost options first.
- Evaluate
Financial Aid Reward Package
When you've received your
school's Award Letter (containing
information about your entire
student financial aid package),
take time to review it.
Be sure to note all of the
different components of
your package, like federal
student aid grants, loans,
scholarships, work-study
and Federal Stafford Loan
eligibility.
- Consider
Work Study Programs
Work-study programs are
another form of need-based
federal aid for students.
Those students who demonstrate
financial need may be assigned
a part-time job on campus
in order to earn money for
school. Work-study students
earn at least minimum wage
and receive the pay directly
from the federal government.
- Apply
for Student Loans
In your financial aid information,
your school may suggest
you apply for certain Federal
loans. Federal student loans
are low-interest loans with
deferred payment options
and are not awarded based
on credit history, but rather
on need. Each college selects
a federal loan program-either
the Federal Family Education
Loan Program (FFELP) or
the Federal Direct Loan
Program (FDLP). With FFELP,
private lenders provide
the loan funds. With FDLP,
the government provides
the loan funds.
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