To keep up with the expensive college fees along with the diminishing scholarship funds, many students are now turning to private student loans, commonly called as college loan. This is to help sustain their financial needs and continue their college education.
Luckily, college students have many resources for such loans. They can obtain it from banks, lending institutions and credit unions. If you’re a college student looking for something that can fill your college financial gap, especially after your scholarship has ended, you can go and apply for a student loan to ease that monetary difficulty.
How To Apply For The Loan
Check the free application for student aid
The very first thing you should do is to check the fafsa.ed.gov, the official website of the government application FASFA. You should then choose your application method. It can either be an online application or a written one. Opting for written will require you to print out the provided application form online.
In this form, you will have to provide your personal information. You should also state the facts about the degree you want or you’re currently taking as well as felony conviction and citizenship information. Your income, if you have a job should also be stated. If you’re under 24 years old, parental information is also needed.
Sign and submit
Once everything is finished, you will then have to sign and submit your application. If you applied online, a PIN will serve as your signature. Online applications take 3-5 days to be processed while paper applications take as long as 10 days maximum.
Select a school
After sending your application, the FAFSA will immediately send it to the school of your choice. The university will then scrutinize and later on will approve your student federal loan. Your application can also be used to permit you for other loans offered by the university. If you’re a freshman, you can select up to 10 universities to receive your application.
Because it is a loan, you should know that interest is a twin of it. The main reason why you’re encouraged to submit your application to many schools is for you to have more choices. Aside from the interest rate, you should also check the total cost, additional fees, APR and of course the monthly payment.
This is a necessary action if you want to save your finances. If there are reputable colleges out there offering a better loan detail then why not choose it? Indeed it takes a good pair of sharp eyes and brain to determine the best loan offer to avoid regrets at the end of the day.
College can truly be expensive. If you’re lucky enough then you may have found the perfect scholarship that can sustain your entire college level. However for most students, college loan is the only choice left, especially today that scholarship funds are getting lower and lower. Financial crisis may exist, but it’s not an enough reason for students to put an end to their dreams.