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Applying For Student Loans

from: Kyle Besser

When applying for a student loan, it is important to make sure that all parties involved get the paperwork they will need to process your loan. You will be communicating with the Federal loan department and the college you will be attending to ensure that you have filled out all applications and sent in all the necessary paperwork. The paperwork may include:

*Federal loan application form
*College loan application form
*Transcripts
*Proof of citizenship
*Proof of enrolment

You should pay attention to the due dates given to you when you begin this process. For Federal loans, you cannot apply until the middle of January, and you will have until July to submit your application for the fall semester. Depending on the popularity of some student loans, the earlier you apply, the better your chances will be.

The first set of paperwork you will need to fill out will be a Free Application for Federal Student Aid (FAFSA). This application will ask you questions about you and your family. This is the initial paperwork you will need to submit. In a few weeks, you will receive an assessment report that will include the amount of money you are eligible for, the college where the money will be sent, and the expected family contribution.

Once you have reviewed this paperwork and have signed at the bottom that it is correct, you will receive a promissory note that you will have to sign. This is a standard loan agreement between you and the Federal government promising that you will repay the money after you graduate.

At this time, you may be asked to submit paperwork to the college you will be attending. If you are receiving a financial aid package, you will have to fill out forms accept the package in its entirety. During this process, you should call the college to see if the paperwork is going to the right places and on schedule. If there is a problem, you may have to submit more forms or make corrections. By being proactive, you will be able to catch any missteps along the way that could keep the college from receiving the loan money.

You will renew your loans each year until you graduate or you do not need them any longer. This process gets easier once you are registered and the initial paperwork has been filed.