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How can I easily apply for student loans?

I am a student at a higher learning institution who is facing some financial strain with tuition fees. I have gotten suggestions that I should seek financial aid from student loan lenders. However, I am clueless on how to apply for a student loan. I would like to ask for help to come up with student loan lenders offering loans at affordable student loan rates. I would also ask for some help in differentiating between undergraduate and graduate student loans. Information on how I could come up with the best student loans would be appreciated.

Frank Nichols

in Student Loans

1 answer

1 answer

Donald Ward on April 6, 2018

As a student in my final year of college, I can inform you that there is more to the student loan application process than simply applying for the loan. Once you have discovered you may need financial assistance, you should determine the total amount you will need. Then, you could visit the US Department of Education’s Direct Loan Program. In cases where the federal loans do not cover total college expense, you could also consider seeking financial assistance from either grants or scholarships. Private student loans and home equity loans are also financially helpful.

It is also important to always keep in mind that the loans for student graduates and undergraduates differ. This means that depending on the study level of the student the type of loan may differ because the Graduate students and undergraduates can apply for the direct unsubsidized loans at a low cost fixed rate. However, only the undergraduate, with financial need can apply for direct subsidized loans.  To apply for this student loan, an applicant has to:

  •    Complete the Free Application Federal Student Aid to get access to federal student loans. The form can be accessed online on the Department of Education site
  •    Once your application has been approved an award letter will be sent to your email or school’s financial aid office notifying you the amount of the loan you will receive.
  •    You will find the getting in touch with the financial aid office at school or the student loans to accept the award
  •    If there is any associated paperwork, you should sign it to the loan agreement.

However, for you to qualify for either one of the student loans, you must be eligible to attend a school that has a direct school program and also be enrolled in a program that would lead to attaining an award at the end of school. However,

  •    It is only undergraduate students with financial need that are eligible for direct subsidized loans.
  •    The graduates, undergraduates, and professional students are all eligible for direct unsubsidized loans irrespective of their financial need.
  •    The period to receiving direct subsidized loans is limited meaning the maximum eligibility period is determined by the period of the study program unlike the direct unsubsidized loan

Larry Warren2 years ago

As a graduate student who is also under a student loan program, I agree that before applying for a student loan you have first to exhaust all your other financial options.  It is also essential to prioritize by applying for federal loans first since their loan interest rates are convenient regarding the price.  Before applying for a loan, you should also know the type of loan you are eligible to apply for. This will help you determine the rate charged on your loans.  If you are undergraduate students applying for either a direct subsidized or indirect unsubsidized loan; your loan will be granted at a fixed rate of 4.45% while the graduate students eligible for the direct unsubsidized loan will the granted at a fixed rate of 6%. All these loans are also subjected to a loan fee before disbursement. However, the percentage varies depending on the period the loan was disbursed.

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