Where to get a Student Loan Application Form

The process of applying for a student loan really does not have to be all that difficult, but there are a few things that you are going to want to be aware of. One of the first things you are going to have to know is where you can go to get a student application form. This will basically depend on the student loan lenders you chose to go through, because the details are going to vary from one company to another.

You basically have two options: you can either have the student loan application form mailed to you or you can fill it out online. Most people find the process of filling out their student loan application online much quicker and easier, especially because then they do not have a bunch of paperwork on their hands to worry about. When applying for a federal loan, one must first complete the FAFSA.

What Happens Next?

After you have filled out the application form and sent it in, you now basically just have to play the waiting game. You have already sent the form in and so there is nothing else that you can really do other than wait to hear their response.

Most student loan institutions offer online tools that allow you to check the status of your application, which is very helpful because then you can continue checking back to see what is going on with it, rather than having to wait for someone to get back to you.

One of the worst things that a person can do is apply for numerous student loans at once before seeing if they were already accepted by another, because student loans are still a type of loan and so if you get denied it is going to affect your credit.

A student loan is a great thing because it allows you to further your education and follow your dreams, something that you may not have been able to do otherwise. Especially with the rising costs of college tuition these days, it is no wonder that so many people have to apply for a student loan, so you should not feel bad if you do not have the funds to pay for your education costs and need to turn to a loan to help you out.

As long as you know what you are doing and follow through with the student loan application process properly, you should not be denied approval and should be accepted within four to six weeks.

What is a Student Loan?

The question of what is a student loan may sound pretty simple but the answer is actually rather complex. A student loan, in the simplest terms, is a form of financial assistance, one that is offered to students in order to help them pay for their education costs. This includes everything from tuition and books to food and transportation expenses.

There are actually a few different types of student loans that you can apply for, each which comes with its own set of eligibility requirements and details, such as interest rate prices.

There are also grants and scholarships available but these are very different from student loans and come with different eligibility requirements.

How to Apply for student loans

There are a few steps involved in applying for a student loan. The first step is to get ready. This means checking your credit for one, even though most lending institutions will not be worried so much about your credit if the money is going towards a student loan. You will also want to read up on the details of the specific student loan that you will be applying for, to make sure that you meet all the eligibility requirements and that you are therefore going to have the best possible chances of being accepted.

The next step is to actually go through and apply for the loan. There should be paperwork that you can have mailed to you which you can fill out and then send back, but you also usually have the option of applying securely online. This will make the application process much quicker and more convenient for you, as you will not have a pile of paperwork stuck on your hands.

You should check the status of your loan application a couple weeks after it has been sent in, to ensure that it was received and see whether or not you have been approved. Keep in mind that the average response time for a student loan application is four to six weeks, and so unless it extends beyond this time frame you really should not be worried if you have not heard back.

You might not want to contact the lender repetitively bothering them about whether or not you have been accepted, so see if there is an online status checking tool that you can use which will allow you to check the status of your loan application without having to bother them.

There are two sources for student loans — the federal government and private lenders. In order to obtain most federal student loans, you will first need to file the Free Application for Federal Student Aid (FAFSA). In most cases, the FAFSA is required for all federal financial aid including federal student loans. There are four main federal student loan programs:

• Federal Stafford Loan
• Federal PLUS Loan
• Federal Graduate PLUS Loan
• Federal Consolidation Loan

The Federal Stafford loan is made in the name of the student and is based on need (only the subsidized portion), and does not require a credit check (it’s guaranteed by a private guarantor and backed by the government rather than credit/income/assets, etc.) and does not have to be repaid until after the student graduates, leaves school or stops attending on at least a half-time basis. Some schools offer Stafford loans directly through the federal government. These are commonly known as Direct Stafford Loans. The schools that offer Direct Loans are known as Direct Lending Schools. Other schools offer Stafford loans through banks or other lenders. These schools are commonly called FFEL schools (Federal Family Education Loan). In order to obtain a federal Stafford loan through a FFEL school, you will need to choose a lender.

Federal PLUS student loans are made in the name of a parent. While they do require a credit check, the credit criteria to obtain a PLUS are not as stringent as they are for other types of consumer loans. Repayment of a PLUS loan begins after the loan is fully disbursed. Again, some schools offer PLUS through the federal government and others offer it through banks or other lenders.

The Federal Graduate PLUS is just like the PLUS for parents except that it is made in the name of a graduate student. However, you must first use your Federal Stafford loan eligibility before applying for a Federal Graduate PLUS loan. It is important to remember that the Federal Graduate PLUS requires payment as soon as the loan is fully disbursed. Deferment options are available while you are still attending school at least half-time. Check with your financial aid office. Servicers are automatically placing Grad PLUS loans in deferment.

Federal loan consolidation is for students who are in repayment status or parents who wish to extend the repayment period on their current PLUS and obtain a fixed interest rate for the life of the loan. You can combine all of your eligible federal student loans into one loan with a Federal Consolidation Loan. Consolidating student loans also usually locks the interest rate you pay on your loan.

If federal loans are not enough to cover your educational expenses, if you do not wish to make payments of principal and interest while in school or if you want a loan that is in the student’s name, there are private student loans (sometimes called alternative student loans). Private student loans are made by banks and other lenders. They must be used solely for education expenses, but offer convenience and flexibility not found in other federal loan programs. However, you will need good credit and most students will need a qualified co-signer in order to obtain a private student loan. Also, while interest rates, fees and other loan program terms are competitive, they vary widely from lender to lender. It is important to compare your options before choosing a private loan. Do some research on the internet; this is a great place to start comparing private student loans. Once you have found a loan that meets your needs, you can apply online and in many cases get an instant decision on approval.