Most college students are definitely going to be needing a college loan or a student loan in order for them to complete the scale through their college expenses. it is no longer news that students need loans to graduate from college because college expenses are much. Not every student can afford to pay for college at a stretch so they basically need loans. It is for that reason that we are going to be taking a look at how to apply for a student loan today.
In this article today we are going to be taking a look at the processes and steps involved in applying for a student loan. We have decided to do the research for you so that you do not spend or waste your time doing loans research and also having to apply for them. That being said let’s go ahead and jump in.
How to Apply for A Student Loan
There are various types of student loans that you can decide to go for but first of all, you need to look at the federal student loans. Then when you have exhausted all your federal student loan option you can now decide to look onto private student loans. Applying for loans is easy is just needs to follow the right steps on how to do that. Below are the steps on how to apply for a student loan:
Documents You Need to Apply for a Student Loan
Before deciding which type of student loan to go for you need to, first of all, gather all the necessary documents that are required for the application. You need to prove that you are a student by having all these documents so that you can apply for the loan today. Some loans require you to include your parent’s information and also had a cosigner.
Below are all the necessary documents that you need to have in order to apply for a student loan:
- Your credit score history
- Personal information
- A valid means of identification
- Employment and income verification such as pay stubs w-2 forms or self-employment verification.
- Recent tax documents
- Bank and savings account statement.
- Payment obligations such as rent or mortgage expenses and other
- School information
How to Apply for Federal Student Loans
As the name suggests federal student loans are backed by the Federal government and they offer fixed interest rates several payment plans and even access to loan forgiveness programs. These are the best loans to go for if you are a student because they are not as strict and as expensive as private student loans. Follow the below procedure to learn how to apply for a federal student loan:
- First of all, you have to fill out a free application for federal student aid by visiting fafsa.gov what about downloading the application to register.
- When you are done filling out the FAFSA you will receive a student aid report which you need to review. You might need to provide extra documents when you have been selected you need to do so before the deadline.
- Now fill out a college scholarship service profile (CSS). Which is another means to get different scholarships and grants.
- Once you are done verifying your FAFSA you receive a financial aid award letter that you need to review. This letter contains the types of loan that is available to you.
- If you are disappointed with the offer made to you from the award letter you can simply appeal it if you want to. All you need to do is to write a letter outlining why you think you deserve more phones than what you are getting.
How to Apply for a Private Student Loan
Applying for a private student loan is kind of tricky therefore follow the below process exactly:
- First of all, determine how much extra money you need to borrow to complete your college education.
- Know your eligibility because private student loans take a look at good credit and a low debt-to-income ratio. You can take a look at each of the private student loan platforms you want to apply for eligibility to know which is good for you.
- The next step is to simply research all the private loan lenders that are available. And then compare them to the following factors: interest rate, term, origination and payment fees, and repayment options.
- Make sure you apply for your private student loan on time.
- Fill out the private student loan forms with the lender you are going for and submit them.
After you are done filling out a private student loan application you have at most 30 days for you to get a loan offer.
What Types of Federal Student Loans Can I get?
Below are two types of federal student loans that you can get:
- Direct subsidized loans
- Direct unsubsidized loans
- Grad plus loans
- Parent plus loans
These are some of the types of loans that you can get from the Federal government.
How to Apply for a Student Loan FAQs
What is needed to apply for a student loan?
To apply for a student loan you have to gather the documents which are required for the loan applications. Examples of documents you need are Proof of residence no older than 3 months (student and surety) ID documents (for both student and surety; a valid passport for foreign/international students) 3 Months’ pay slips (surety).
How easy is it to get a student loan?
Getting a student loan is easy you will be able to get a student loan from the government or from any of the private lenders that are available. For private loans, you might need a good credit score and at times a cosigner.
Can you get a student loan directly to you?
Yes, you can get student loans directly paid to you these types of loans are called direct-to-consumer loans. But when the lender sends the money directly to the institution it is called a student channel loan.