6. Look into federal student loans
To apply for a federal student loan, you first must file the FAFSA.
You'll also have to complete a separate application and promissory
note. Application requirements vary for the different student
loans, and participation in the loan programs varies from one
school to the next.
Financial aid offices have a list of banks, savings and loans, and credit unions that make federal student loans, along with their current lending policies. Information on federal loans is available on this site as well as from the U.S. Department of Education.
And remember: All federal loans must be repaid with interest. Give yourself some credit - borrow smart.
7. Evaluate all student aid offers
Carefully read all letters and notices you receive from colleges,
the federal processor, your state's higher education agency, EDFUND,
and private scholarship organizations. You'll probably be notified
about financial aid after you've learned if you've been accepted
to a college. Respond promptly if additional information is requested.
Colleges consider total family contribution and other available
resources such as federal Pell Grants, state grants, veterans'
benefits, and scholarships when determining your eligibility for
their financial aid programs.
Generally, you'll receive your financial aid when classes begin
but your Stafford Loan may be delayed 30 days or longer
at some schools due to program requirements. Ask your college
how you'll receive your funds. Some schools mail your payments;
some post credit to your bank or tuition account, while others
expect you to pick up a check.
Private organizations will notify you directly of an award, its
requirements and how you'll receive it. Remember, outside scholarships
are counted as part of the resources available to you for educational
expenses.
8. Reapply each year
You must reapply each year to continue receiving federal and state
financial aid.
To reapply, simply add any new information...
