How to Apply For Student Loans
A college education can be expensive. For most students, the only way to pay for college is to apply for a loan. Earning a college degree is stressful enough without the pressure of having to find money for tuition and other school expenses when enrollment time comes around. It is fortunate that funds for college are available through grants, scholarships and loans.
Unlike scholarships and grants, loans must be paid in full at the end of the term, including interest charges. These loans usually have a term of up to 10 years.
When you apply for a loan, there are important things you have to keep in mind. First of all, you must keep track of the deadline for the application. You may not be able to obtain the loan you are applying for if you miss the deadline.
You must also determine the requirements and documents that you will need in applying for student loans. The requirements will depend on the particular type of loan you are applying for. Some of the important documents you will need include W-2 forms, bank statements, copy of your federal income tax return and Social Security Number.
If you are a minor, you will need to submit a copy of your parent's federal income tax return. Once you have submitted your application, you can monitor the status of your student loan.
You can apply for different types of loans, including federal, private, and institutional loans.
Explore the possibility of obtaining federal Stafford and Perkins loans first. Federal student loans have a very low interest rate. They also have a flexible payment plans.
If a federal student loan cannot cover all the expenses you need for a college education, you may have to apply for private student loans. These are provided by private lending institutions including banks and credit unions.
You may need a cosigner with good credit rating when you apply for this type of loan. Private loans for students generally have higher interest rates than federal loans. Funds from private loans can be used for books, room and boarding expenses, computers and the like.
Institutional loans are offered by the university or college that you are enrolled in. The financial aid department of your college can provide information.
Seek out grants and scholarships first because they provide free college money that does not have to be repaid. When you apply for a loan, make sure you understand the terms of the loan. Don't forget that student loans have to be paid back after graduation.
How to Apply For Student Loans
By: George Nowling
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