It is possible to pay for college with a federal student loan. This is usually referred to as post-secondary financing option.
Applying for a Federal Student Loan for College is quite simple providing you follow the instructions on the application form.
The federal student loan program helps college students and their parents meet the cost of pursuing higher education. The first thing a student (or prospective student) needs to do is to fill out a FAFSA (Free Application for Federal Student Aid) form. It is available online or from the Financial Aid Office at post-secondary institutions.
The application is free and a student will not qualify for a federal student loan for college unless this application has been submitted. Within 30 days after submitting the FAFSA application, the student will receive a Student Aid Report (SAR) in the mail. A copy of the SAR is sent to the school the student is planning on attending.
Within two weeks after the SAR is received, the student will receive a letter from the Financial Aid Office of the school he or she is planning on attending. This letter will state how much financial aid the student will receive and how this financial assistance will be structured.
The award letter will indicate whether or not the student has been awarded the Stafford Federal Student Loan for college. If the Stafford Loan has been awarded, the student must fill out an application form in order to get the required promissory note. The student then signs the promissory note in order to receive the loan proceeds.
Once the promissory note is signed, it must be mailed to the office listed on the application form. It is a good idea to keep a copy of the promissory note for your own records. Stafford Loan recipients need to keep in mind that the funding offered is for one year only. A new FAFSA and loan application must be submitted each year.
If a student was not awarded a Stafford Student Loan, alternative sources of financing for college are available. It is possible to get financing for post-secondary studies from private sources. In the case of a person who gets approval for a Federal Student Loan for college but the amount of the loan is short of the amount of funding needed, this is a viable option. A private student loan center will be able to provide assistance to those people looking for alternate sources of financing for post-secondary education.
John Mailer's articles look at students financial problems and the best student loans consolidation ideas using private student loans. His other site is about the thrills of whitewater rafting
- Related Videos
- Related Articles
- Ask / Related Q&A
- loans, private student loans
- The Good, the Bad, and the Private Student Loan
- Loans for Students With No Credit: No Explain of Your Credit History
- Non Teri Private Student Loans: Your Best Friend!
- Private Student Loan Without Co-signer and Credit Check: Snuff Out All the Education’s Problems
- Answers To Your Private Student Loan Questions
- Private Student Loans From Nextstudent Help Students Stay On Course to Pay for College
- Advantages of Private Student Loans
Government Grants for Education - What You Need To Know
By: Elmo Clark | 15/11/2009If you're thinking of going back to highschool, currently might be the perfect time to try to to so. The govt sets aside voluminous bucks every year specifically for government grants for education for individuals who would like facilitate with tuition costs for college. There are even grants specifically allotted to assist with tuition for youngsters to attend personal schools. The govt. grants for education come back in the form of PELL grants and alternative federal grant progra...
How Mothers can Apply for Free Tuition under Obama's Scholarship for Mothers Program, and Earn their Degree
By: PATRICIA BARDOWELL | 14/11/2009The government is offering tuition assistance to mothers to return to college, or start college and earn a degree. Classes can be taken online or on college campuses nationwide.
Dads Fit Study Into Hectic Lives
By: Dr Ross Chambers | 14/11/2009If you're interested in undertaking studies, but not sure about the commitment required or if the course is suited to your goals, Distance Education/Single Subject Study can offer you the flexibility to sample some of the aspects of a university degree. You may be interested in returning to the workforce, taking...
Study Grants For Stay-At-Home Mothers
By: Marlon Jackson | 14/11/2009Indeed, it may seem very difficult if you are a stay-at-home mother on the look-out for college educational grants. There are many obstacles to overcome, from family responsibilities . . .
Home-Schooled Students Can Use CLEP Tests to Earn College Credits
By: Speedyprep | 14/11/2009Home-schooled students are probably some of the best candidates to take CLEP (College Level Examination Program) exams.
How Military Personnel Can Benefit from CLEP Exams
By: Speedyprep | 14/11/2009Many military personnel dream of one day earning a college degree. However
E22-211 Study Guide
By: fangyinb | 14/11/2009Testinside E22-211 exam training tools deliver you extensive training of all the key concepts and skills of exam curriculum.
70-569 study guide
By: fangyinb | 14/11/2009Testinside 70-569 exam training tools deliver you extensive training of all the key concepts and skills of exam curriculum.
Difference Between A Subsidized And An Unsubsidized Student Loan
By: John Mailer | 06/06/2007 | FinanceGetting a federal loan is a very good thing; anyone would agree with that. However, the most common misconception is that "the loan is given by the government directly to the students, and after they have graduated, they do not need to pay" This may sound misleading, but in fact...
Handy Information About Student Loan Services
By: John Mailer | 06/06/2007 | FinanceNot many students in the country can afford their own college education. They look for alternative money sources such as sponsorships, grants, scholarships, loans, and so on. Of them all, the most widely sought after would be loans. There are many financing companies around the country offering student loan services...
Confused About Student Loan Payment Options?
By: John Mailer | 05/06/2007 | FinanceLoans are not as easy as scholarships and grants. It becomes a responsibility for many years after you graduate until you pay off the debt. And that's why it is very vital for you to study the student loan payment plans and options when you are looking for a loan....
Cash Back With Student Loan Debt Consolidation
By: John Mailer | 03/06/2007 | FinanceStudent loan debt continues to rise each passing year, and college costs, including graduate school costs, have outpaced inflation while federal student loan interest rates are close to record lows. According to studies conducted by the National Center for Education Statistics, it is believed that approximately half of recent college...
Whitewater Rafting On American Rivers
By: John Mailer | 02/06/2007 | AdviceSummer offers all of us the many possibilities of getting back to nature and enjoying its magnificent beauty and wilderness. It is the time to indulge in all kinds of different sports in nature such as hiking, kayaking, rafting and camping in the wild; sports that are restricted in the...
The Function Of The Student Loan Corporation
By: John Mailer | 02/06/2007 | FinanceNowadays, few students go through college without some sort of financial assistance: about 65% of undergraduate students finish with debts owing. The average obligation is around $19,000 but higher for graduate students ($27,000 to $100,000+.). The causes are myriad, ranging from low family income, through high costs of education, to...
A Student Loan Consolidation Rate Means Lower Monthly Payments
By: John Mailer | 01/06/2007 | FinanceAfter you have graduated from college or university, it will be time to start paying off your student loans. Since federal student loans are applied for each year, by the time you graduate, you will have several loans at various interest rates. A student loan consolidation makes perfect sense in...
A Student Loan Consolidation Center Offers Finacial Relief
By: John Mailer | 29/05/2007 | AdviceWhen does it make sense to approach a Student Loan Consolidation Center for help? If you are a young person or a parent who is trying to pay off student loans, it may make a lot of sense to consider consolidating all your outstanding loans into one loan with...