Steps to Apply For Student Loans
They may need loans to cover the rising costs of tuition or their books
. They might just need loans to help them get through the semester without having to work, so they can focus totally on schoolwork. Whatever the reason, students who need loans need to know how to
Apply For Student Loans. Here are the steps you need to take to get it done.
1. Fill out the Free Application for Federal Student Aid (FAFSA). This is a form that you can find online at www.fafsa.gov. In order to fill it out, you'll have to have the last year's tax information, and you'll want to get it filled out early in the spring before the next school year starts. The earlier you can get it done, the better!
The FAFSA is pretty self-explanatory. You'll need to apply for a federal PIN so that you can access your completed form later on. Other than that, you just follow the steps and fill in the boxes from the tax forms of the student and/or his parents, depending on the situation.
2. Check out your EFC. Once your FAFSA is completed, you'll get a form that shows your EFC Expected Family Contribution. This can be a little confusing. It's basically the dollar amount the family is expected to contribute to the child's education. Anything other than that will be covered by grants or loans from the federal government.
Your EFC will have a lot to do with your income and your college savings that you already have. Shortly after you receive this, you'll get information about your actual student loans and other financial helpers for the school year.
3. Apply for private loans. Many people won't tell you to apply for private loans when you ask how to
Apply For Student Loans. Sometimes, though, you simply have to have these extra loans. This is often the case with middle class families who make enough money that they have high Expected Family Contributions but not enough to actually pay to send their children to school.
Often private loans can be a good middle way. They don't have some of the advantages of government loans, but they can still help your child get an education without having to go into debt with massively high interest rates.
Steps to Apply For Student Loans
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