Using A College Federal Student Loan To Fund Your Education

Using A College Federal Student Loan To Fund Your Education



It is​ possible to​ pay for college with a​ federal student loan. This is​ usually referred to​ as​ post-secondary financing option.

Applying for a​ Federal Student Loan for College is​ quite simple providing you​ follow the​ instructions on​ the​ application form.

The federal student loan program helps college students and their parents meet the​ cost of​ pursuing higher education. the​ first thing a​ student (or prospective student) needs to​ do is​ to​ fill out a​ FAFSA (Free Application for Federal Student Aid) form. it​ is​ available online or​ from the​ Financial Aid Office at​ post-secondary institutions.

The application is​ free and a​ student will not qualify for a​ federal student loan for college unless this application has been submitted. Within 30 days after submitting the​ FAFSA application,​ the​ student will receive a​ Student Aid Report (SAR) in​ the​ mail. a​ copy of​ the​ SAR is​ sent to​ the​ school the​ student is​ planning on​ attending.

Within two weeks after the​ SAR is​ received,​ the​ student will receive a​ letter from the​ Financial Aid Office of​ the​ school he or​ she is​ planning on​ attending. This letter will state how much financial aid the​ student will receive and how this financial assistance will be structured.

The award letter will indicate whether or​ not the​ student has been awarded the​ Stafford Federal Student Loan for college. if​ the​ Stafford Loan has been awarded,​ the​ student must fill out an​ application form in​ order to​ get the​ required promissory note. the​ student then signs the​ promissory note in​ order to​ receive the​ loan proceeds.

Once the​ promissory note is​ signed,​ it​ must be mailed to​ the​ office listed on​ the​ application form. it​ is​ a​ good idea to​ keep a​ copy of​ the​ promissory note for your own records. Stafford Loan recipients need to​ keep in​ mind that the​ funding offered is​ for one year only. a​ new FAFSA and loan application must be submitted each year.

If a​ student was not awarded a​ Stafford Student Loan,​ alternative sources of​ financing for college are available. it​ is​ possible to​ get financing for post-secondary studies from private sources. in​ the​ case of​ a​ person who gets approval for a​ Federal Student Loan for college but the​ amount of​ the​ loan is​ short of​ the​ amount of​ funding needed,​ this is​ a​ viable option. a​ private student loan center will be able to​ provide assistance to​ those people looking for alternate sources of​ financing for post-secondary education.




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