Federal Student Loans - Steps To Apply
Posted on January 17, 2007
Filed Under Student Loan Consolidation |
Federal Student Loans
Applying For a Federal Student Loan doesn’t have to be complex. If you follow these easy steps, you should have no problem applying for a variety of Federal Student Loans.
- Step 1:Your school conselor has free information plus you can find information at the financial aid office at the college or career school you plan to attend, or the U.S. Department of Education (ED) at www.FederalStudentAid.ed.gov or 1-800-4-FED-AID (1-800-433-3243). You can get free help anytime during the process. You should never have to pay for help.
- Step 2:Obtain a PIN, (a personal identification number). A PIN number lets you apply and “sign” your online Free Application for Federal Student Aid (FAFSA), make corrections to your application information, and more—all online. Go to http://www.pin.ed.gov/.
- Step 3: Gather up the documents you’ll need to apply, including income tax returns and W-2 forms (and other records of income). A full list of what you need is at www.fafsa.ed.gov. If your tax return is not completed at the time you apply don’t worry, estimate the tax information, apply, and you can correct information later.
- Step 4:Complete the FAFSA between Jan. 1 and June 30 of most years (no exceptions to either date so don’t be late!). However, it’s important that you apply as soon as possible after Jan. 1 to meet school and state aid deadlines (see note at bottom of page). Appling online is faster and easier. You can apply online by going to http://www.fafsa.ed.gov/.
- Step 5:ED will send you your Student Aid Report (SAR)—this is the result of your FAFSA. Once you have received your FAFSA, review your SAR, and if necessary, make changes or corrections and submit your SAR for reprocessing. Your complete, correct SAR will contain your Expected Family Contribution (EFC)—this is the number used to determine your federal student aid eligibility.
- Step 6:If you are selected for verification, your school’s financial aid office will ask you to submit tax returns and other documents, as appropriate. Be sure to meet the school’s deadlines, or you will not receive federal student aid.
- Step 7:Whether notified for verification or not, it’s important that you make sure the financial aid office at the school has all the information needed to determine your eligibility.
- Step 8:All students must contact the financial aid office if you have any questions about the aid being offered. First-time applicants should review award letters from schools to compare amounts and types of aid being offered. Then it’s easier to decide which school to attend based on a combination of (a) how well the school suits your needs and (b) its affordability after all aid is taken into account.
That’s it! It may seem like a huge task but it really isn’t if you take your time and make sure you’re thorough. Good luck on applying for your federal student loan!
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