Archive for March 27, 2013

How to Apply for Student Loan?

A student loan is a type of loan for the young people who wanted to go to college but could not afford. The money they get from this loan will be paid for the tuition, books, fees, school expenses and other more fees for the entire college year of a student. There are many prominent companies that are offering this service. All you need is go to a trusted one so you can secure that your education and dream will come true such as the Great Lakes Student Loans. In case you want to apply for a loan, you can always ask your school. But to make it easier, in this article are the steps of how to apply for a student loan.

  1. Obtain and fill out a form called Free Application for Federal Aid. The form will be the mean of the government if you are fit for the direct loan. The direct loans are given by the U.S Department of Education since they have low-interest and very flexible when it comes to monthly payments. You can also look for private lenders in case for other option like Wells Fargo student loans.
  2. You can also look for other options such as scholarships, sponsorships or grants in case you have applied for one. If you have obtained any from above or not, you can now decide how much student loan you need.
  3. You will need an entrance counseling if it is your first time to apply for the loan. In this counseling you will understand all the terms and conditions of the loan as a responsible borrower of the money.
  4. You will complete the Master Promissory Note that says about your promise to give back the amount of money you have borrowed. You can get it from your school.
  5. If you haven’t get enough money to pay for your college in Direct Loans and other forms of financial aid, you can look for private lenders which will give you to pay for the rest.
  6. If you have found the right lender, make sure you review the contract before signing.

Ways to pay for college depends on you and student loan is just one of the many options you have.