5 Must Have Items When Applying for Student Loans

There are actually several different types of student loans.  There are loans available through the federal government and there are 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.  The first step when applying for a federal loan is to visit the federal website – www.studentaid.ed.gov.  There you will need to obtain a pin number.  The pin number will make it possible for you to easily track your loan process from beginning to end.  This PIN number makes it possible for you to access information at the number of 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 number:

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 number the loan application process can begin.  Here are 5 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.  If you are an adult with a credit history, then a co-signer isn’t necessary.
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 email address of a cosigner (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 you finances straight by only making one payment, and they can help to lower your interest rate. 

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

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