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What do I need to get student aid?

How to get a student loan? It all seems so simple when people are talking about it. You just have to apply and hope for the best. I’m sure this is not how student aid works. You probably need some special papers to apply for student loan. Some requirements have to be set as well. What if I am not eligible?

Also, how does student loans repayment work? How do I calculate how much I will pay every month? So many questions, all of them are important.  Any advice will be appreciated.

Samantha Stevenson

in Student Loans

1 answer

1 answer

Heather Maxwell on April 3, 2018

There are many questions that every teenager asks about college loans. We all know this kind of aid for students means borrowing money. However, the exact mechanisms are unknown to many. Few families can simply pay for the tuition of their children without any additional sources and aids. That is why learning about student loans is necessary for both teens and their parents.

So, how to get student loans? First of all, you have to remember that you can have several of them at once. There is no need to find the best of the best and stick to this one. Student loans can and should be taken in pairs at least. Of course, this is completely your choice how many of them you need.

We always start with research. No matter what we deiced to do, Internet search is unavoidable. Parents, you may call it a habit of millennials, but, initially, you just google it. Yes, Internet won’t give you answers all your questions, but the most part will be clear. The rest you can ask yourself by calling support or consulting with friends.

Searching for loans, everybody starts with federal student loans. They are more affordable and have very interesting repayment plans. Free Application for Federal Student Aid (FAFSA) is the most widespread choice. I believe that the main advantage of the federal offers are not even low interest rates, it’s the ability to start repaying student loans after you finish university. This way, you feel free of financial worries while you study. This is exactly what any student needs.

Private student loans have higher interest rates but are more accessible. There are hundreds of private lenders ready to offer you their services. You should be very careful when dealing with them and read all details of their agreements. It is always better to have a few choices and compare them.

Now, let’s move to the requirements and application. For the federal options, you will have to provide you finances details including your assets in banks, income levels, social security number, etc. Your credit history will be checked. You need to have a co-signer. Private student loans without a cosigner are possible.

When applying for a student loan, you don’t need many documents. You just need to be ready to search for other offers as there are many candidates who would like to get them as well.

I’ll leave you a couple of links to useful article on this topic:

Caleb Jenkins2 years ago

Yes, I think those articles will help you greatly. There are many great tips and the whole process is described in an easy to understand way. There is not much written about the private offers, but you may not need them at all if everything is good with your federal options.

You asked about calculating your monthly payments. When you discuss your repayment plans with the lender, they will write it all down for you. However, if you would like to know how much you will have to pay before asking lenders, there are many online calculators you may use. Some of them are very plain and simple, others operate numerous variables to show you accurate results.

I love this tool by FinAid  It is simple yet effective. Of course, there may be some deviations but they are so minor you won’t notice them.

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