Study Loan : Understanding the Loan Process

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Study Loan
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Student Loans Understanding the Loan Process
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• Most students who attend college do not have the
  funds to pay for it themselves. The majority of
  those students cannot rely on their families to
  pay for college either. Therefore, student loans
  are very popular. The process isn't as difficult
  as one may think, and usually starts with a visit
  to the high school guidance counselor.

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The FAFSA

• The first thing the student should do is fill out
  the FAFSA or Free Application for Federal
  Student Aid. This is a sheet which helps the
  student identify what programs and loans they can
  qualify for to help them attend college. It's
  usually present in the guidance counselor's
  office, but students can also apply for the FAFSA
  online.
• It's important to fill out the FAFSA as soon as
  possible in order to be qualified for the next
  semester of school. There is a lot of information
  required for this form, and some of the
  information will need to be taken from tax papers
  and financial forms, so gather that kind of
  information before you start. The FAFSA has to be
  completed each year of college, but will be
  easier with each year after the first.

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Finding Out What You Qualify For

• After filling out the FAFSA, the schools you
  apply to will get a Student Aid Report containing
  your EFC or expected family contribution the
  amount of money you should be able to pay for
  your education.
• You'll receive letters from the schools you've
  been accepted to which will include information
  regarding financial aid options and grant
  programs. You may qualify for Stafford loans,
  PLUS loans or Perkins loans, and other programs
  which will help you attend college. You'll need
  to secure those applications and get the ball
  rolling for those as soon as possible.

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Attending School

• If you do qualify for federal loans, the money
  will be sent to the school usually, and the
  school will disburse the money to you. This money
  will help you pay for the cost of the semester as
  well as books and supplies and in some cases,
  living expenses.
• Some students who do not have enough to cover
  everything they need with financial aid can apply
  for private loans through banks or other
  financial institutions.
• Private loans should only be used as a last
  resort, as students typically can't defer them
  the way they can federal loans. However, in some
  cases it's necessary, and the student's personal
  credit will be checked to determine the interest
  rates of those loans.

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Paying the Money Back

• With Study loan, students don't have to start
  paying them back for a period of time. For
  instance, the government will take care of the
  interest on Federal Stafford Subsidized loans
  while the student is in school. After school,
  sometimes the student has several months before
  they have to begin repaying the loan.
• With private loans, the period of repayment
  typically occurs right away, even while the
  student is in school. While it may sound like a
  complicated process, it's really not and it's
  often necessary for those who want an education.
• Source http//student-loans-review.toptenreviews
  .com/student-loans-understanding-the-loan-process.
  html

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