Applying for a student loan is exceptionally similar to the process of applying for a personal or home loan. In both these cases, you should go through lots of emotions and make critical decisions. Getting a good deal will make your future brighter. Before you decide on a student loan, you should think twice, make sensible plans and apply with patience. Most students prevail themselves from applying for student loans, because they believe they wouldn’t qualify. However, this is a very big mistake. Since, all or at least most students are entitled to benefit from these programs.
Satisfying Important Constraints
Though all students qualify for some kind of study loan, candidates with the lowest financial needs will have a better chance. Firstly, you should verify if you are a dependent or independent borrower. Students who are classed as dependents will have parents behind them. And, you will be an independent borrower, if you meet any of these conditions:
- You are above 24 years of age.
- You are legally married.
- You are a part of armed forces. Or, you are a part of the PeaceCorps or AmeriCorps during the time of application.
- You are a father/mother.
Choosing the right Program
There are different types of student loans. Most students are allowed to make use of Direct Loans (Federal Family Education Loans). PLUS and Stafford Loans are meant for graduates and parents. Stafford loans can be classified as subsidized or unsubsidized. If you apply for subsidized loan, the government will pay the loan’s interest on behalf of you. On the other hand, you should pay the interest of unsubsidized loans. There are special loans for candidates who belong to primary healthcare degrees and teaching courses. Another student loan that is similar to the Stafford Loan would be the Perkins Loan.
Preparing For the Loan
The loan application might seem like a daunting and tedious process. However, the entire process will seem like a breeze, if you do adequate amounts of research and homework. Firstly, you should be prepared to start as soon as possible. Don’t wait for last minute rushes and just-before-deadline applications. Secondly, gather all important documents and keep them a reach away! You should have your score cards, credit reports, financial statements, account details and college applications ready. Go through www.fafsa.ed.gov to know more about the documents required. Also, remember that student loan applications will have many terms and conditions. As a potential applicant, you must be aware of these regulations.
Applying For The Student Loan
Now, it’s time to make the application. For this, you should do a little bit of preparation beforehand. To start off, you must get a personal identification number from www.pin.ed.gov. The PIN number plays a very important role during the entire loan. You should use this PIN number while applying and reimbursing the student loan. Once you submit the loan application, you should wait for its confirmation number and approval status. You will receive the approval status in few weeks. Remember to always stay positive and always look for the best possible option.