To Apply For Student Loans

7 min read

How To Do It!

Step 1: Go to www.studentloans.gov. You must have internet access while doing this step.

Step 2: Click on “Apply online.”

Step 3: Fill out all of the information on your loan application. Your FAFSA (Free Application for Federal Student Aid) info should already be on your file. If not, go to www.fafsa.ed.gov and click on “Prepare My FAFSA Now” at the top right corner.

Step 4: Once you fill out everything, you will need to upload documents to prove income and assets.

Step 5: Wait until the government gives you a date to pay back your loans. In some cases it might take longer than anticipated.

Step 6: You will receive a letter informing you if you have been approved for funding.

Step 7: Print off a copy of the Letter and keep it safe somewhere. As soon as you get the approval notice, you want to know what your payments are going to look like.

Step 8: Contact the lender that you are using to make sure they accept e-transactions.

Step 10: Make sure you are logged into your PayPal account. Then go to the top left side of the screen and select ‘Transfer’.

Step 11: Select the option for sending money to someone else.

Step 12: Enter the email address and name on your student loan statement. PayPal will then send them the funds.

Step 13: After you do this once, PayPal will remember who you are and don’t ask you to enter the same information again.

Step 14: Write down your bank account number on a piece of paper.

To Apply For Student Loans

The Application Process

Getting student loans can be overwhelming at first, but don’t worry! We have compiled a list of tips and tricks to make your loan application experience easier and less stressful.

Tip 1 – Start Early

It’s always best to start applying early, even if you think you won’t get accepted. You never know who might get hurt or sick before you finish school, or what might happen in your financial situation (like losing a job). Waiting until later than February may give you no time to find a job afterwards, or worse yet, you could end up making your payments late.

Apply early enough to ensure you have enough time to complete your applications, pass or take any tests, and still find a job before school ends. And remember, you should continue to apply throughout the semester until you receive acceptance letters from ALL lenders. If you haven’t received a letter yet, check back on our website and application status page regularly.

Tip 2 – Know Your Options

There are many different types of federal student loans out there, and some programs only offer certain kinds. It’s helpful to understand how each type works and what they are good for, so you know exactly what kind(s) of loan(s) to pursue. Federal Direct Stafford Loans cover tuition and fees, while Perkins Loans cover tuition only. Plus, both loans allow students to pay their loans back over 10 years, instead of just 5 years.

Federal Parent PLUS Loans cover tuition and fees along with room and board, plus they allow borrowers to defer payment until after graduation. A private education loan, called Private Education Loan Consolidation or PELC, helps consolidate multiple private loans into one low interest rate loan. Lastly, Federal Subsidized Unsubsidized Direct PLUS Loans are subsidized loans that can be paid back without accruing interest. The program covers up to $31,000 towards tuition and costs, and provides borrowers with flexibility to take advantage of special repayment options.

There are many other types of student loans out there, including direct loans provided by banks and credit unions. Check out our Student Loan Resource Center for more information about these types of loans, including how much money you can borrow, how long you’ll need to repay them, and how to use them.

Tip 3 – Prepare a Budget Before Applying

Be sure to create a budget and keep track of where your funds are going before submitting your applications. Having a solid idea of how much money you can afford to spend on school and living expenses will help you avoid getting yourself into debt. Make sure you consider everything from rent/mortgage, utilities, groceries, gas, transportation, entertainment, clothing, utilities, emergency savings, etc., to figure out how much you can comfortably spend. After you’ve determined your monthly expense amounts, calculate how much money you have left over for things like books, supplies, recreation, and other nonessential items.

You can use the free budget calculator at www.bankrate.com/calculators/budgetplanner to determine your total allowable spending amount. Remember to factor in taxes, when applicable, and make sure you account for anticipated living expenses after you graduate.

Tip 4 – Do Your Homework

Make sure you’re well prepared for the application process by doing your homework ahead of time. Review websites like BankRate.com/StudentLoans to learn more about the various student loan programs. Also, visit the schools’ websites to learn more about their financial aid policies. Find out about scholarships you might qualify for, and do research on whether or not those you qualify for would offset the cost of attending that particular college or university. Finally, familiarize yourself with the requirements for admission to your chosen school.

To Apply For Student Loans

Have a good credit score

This is absolutely a must. A bad credit score means lower loan amount and higher interest rate. If you have already started paying off student loans, then great! You should work on building a solid credit history before applying for any financial aid again. Credit scores vary according to lenders and are determined based on factors such as payment history, outstanding balances, length of time you’ve had accounts, etc.

Get a job

If you haven’t been working for some time now, this could be a problem. However, try to find something that aligns with your degree program. Try to get a part-time job while studying full-time. This way, you won’t lose valuable time trying to focus on studies only. It may take a bit longer, but it’ll eventually pay off in the end.

Find scholarships

Sometimes, universities offer scholarships to students who meet certain requirements. Finding these types of opportunities can help you save money in the long run. Do some research and make sure you’re eligible for them. Make sure you use the right keywords because many people don’t realize they were not eligible for those scholarships.

Earn extra income

Work to earn money to cover tuition fees and living expenses. Ask family members if they have extra rooms. Airbnb is becoming increasingly popular nowadays. Look for roommates and share costs. Work at fast food restaurants or coffee shops. There are lots of options out there. Just keep looking until you find something that works for you.

Be prepared

Make sure that you know all of the deadlines associated with your application. Set reminders on your phone for each step so that you don’t forget anything. Take notes throughout each step so that you remember what you need to do for each phase of the application.

Don’t lie

Don’t embellish information or leave something out. If you tell anyone else about your situation, it may hurt your chances of receiving additional funding. This includes telling others about your student loans. It’s best to talk to your lender directly.

Keep track

Keep track of everything related to your loan applications and payments. Write down dates and times whenever possible. Keep your receipts organized as well. This helps you avoid forgetting things. It should become second nature once you start getting ready for your next semester.

To Apply For Student Loans

Fill out FAFSA

The Free Application for Federal Student Aid (FAFSA) is the application which students fill out before they begin college. The FAFSA is free, and is open to any student who meets certain qualifying standards.

Paying for College

Once you have been accepted to school, you will need to apply for funding for the tuition costs. Private loans are the most popular way for students to pay for their education. Grants and scholarships may also be available to help cover some of the cost of college. There are many types of financial aid available to students at different levels. If you decide not to borrow money, you should investigate state grants and work study programs while still in high school.

How to Get Money From Parents

Parents have loan repayment options available to them, and these vary based on the type of debt incurred. Most parents opt to pay back debts after graduation, rather than when the children go off to college. However, there are exceptions to this rule.

To Apply For Student Loans

Loan Amount

Amount depends on how much money you want to borrow. You need at least $500 for the first loan and $2000 for the second. If you’re looking to borrow less than this, check out our other videos!

Repayment Term

Repayments depend on what type of student loan you have. Regular loans require monthly payments over 10 years while subsidized loans only require monthly payments until you graduate from college. Both types of student loans require repayment after graduation though.

Interest Rate

Interest rates vary depending on the lender and the amount of money you repay each month. However, interest rates on federal loans range between 6% to 8%. Rates on private loans often range between 9% and 15%.

Required Documents

You’ll need either a copy of your credit history (if you’ve had credit cards), transcripts, SAT/ACT scores, financial aid award letter, passport, proof of residence, proof of enrollment, and any other supporting documents listed on your application.

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