Applying For A Student Loan? Be Ready With These 15 Items

There are several different types of student loans. There are loans available through the federal government and private loans.

Federal loans generally have a lengthy application process whereby they evaluate your need for a loan as well as your ability to pay it back. When applying for a federal loan, the first step is to visit the federal website – www.studentaid.ed.gov. There you will need to obtain a PIN. The PIN will allow you to track your loan process from beginning to end quickly. This PIN allows you to access information at several federal student aid websites, including the National Student Loan Data System found at http://www.nslds.ed.gov.

Here is what you need to obtain a PIN:

o, Submit the FAFSA. Free Application For Federal Student Aid. Found at: http://www.fafsaonline.com/
o Social security number
o Full name
o Birthdate
o Address

Once you obtain your PIN, the loan application process can begin. Here are five things you need to apply for a federal student loan:

1. Social Security Number
2. Home, work, or cell phone numbers
3. E-mail address
4. Driver license number and state
5. Name, address, and phone number for two references with two different addresses

To apply for a private student loan, you will need:

1. A co-signor. This is generally a requirement for younger students. A co-signer isn’t necessary if you are an adult with a credit history.
2. Your Social Security Number.
3. Your prior student loan indebtedness amount.
4. Name and Phone number of a personal reference(s).
5. Name and e-mail address of a co-signer (if necessary).

For many, the process is to first apply for federal aid. They generally give a percentage of your tuition based on income, degree, tuition rates, and educational institution. Once your application has been approved and you know how much you qualify for from the federal government, you can apply for a private loan to cover the remainder of your tuition if you need to. If all of this sounds like too much, there are also many student loan consolidation programs that you can take advantage of once you’ve covered your tuition. These consolidation loans can help you keep your finances straight by only making one payment, and they can help lower your interest rate.

Student loans are quite often a necessity as the cost of education continues to rise. With research, paperwork, and careful planning, the costs can be covered with a student loan.