How Do You Apply for Student Loans?

How Do You Apply for Student Loans?

To apply for a student loan, fill out the Free Application for Federal Student Aid form, receive a reply from the institutions, go through entrance counseling and complete the Master Promissory Note. To receive a PLUS loan, the applicant must not have an adverse credit history, according to Federal Student Aid.

Student loans are a good option for those who do not have enough funds to take them through college. The following steps are key to applying and receiving these loans.

  1. Apply for aid
  2. A Free Application for Federal Student Aid form can be obtained online. Once this form has been filled and submitted, it will be relayed to the various institutions listed on the form for assessment.

  3. Receive and respond to feedback
  4. Once the various institutions have made assessments, they will send notifications with details on the loan or funding options available to the applicant, notes Sallie Mae. Check all the options carefully and choose the ones that are most appropriate.

  5. Receive Entrance counseling
  6. Once the loan application process has been expedited, the applicant is required to go through an entrance counseling session. This is to let them know about their obligations and responsibilities with regards to loan management and repayment.

  7. Complete a Master Promissory Note
  8. To take out a direct loan, complete a Master Promissory Note, which is a legally binding document. The document can be obtained online and stipulates that the applicant has an obligation to repay the loan according to the terms and conditions of the agreement.