Applying for a student loan would seem to be an overwhelming and complicated process unless it is completely understood. It is easier to make the process simpler and straightforward by just breaking the entire application procedure into three broad categories that include understanding one’s financial needs, applying for student loans and presenting the eligibility report to the desired school. With the advent of technology, student loan application procedure has become even faster and more convenient. A student needs to just submit an online application form available on the internet.
The first step in the application process is to have a proper estimate about how much finances would be required to complete the education. This estimate should include the tuition fees, living expenses, books, food and other miscellaneous expenses. There are various online tools such as Ed-Loans Wizard that could help in finding the exact estimate. Online sites also have tools like Education Loan Marketplace that help in comparing education costs of different schools.
The next step is the application procedure. Depending on the needs, a student could apply for a variety of federal and private student loans. Federal loans include Stafford loans, Perkins Loans, and PLUS loans for parents. Even private lenders offer a variety of loans aimed for different phases of education. Stafford loans are the most convenient and popular loans. Most of the students start with Stafford loans when applying for undergraduate and graduate student loans. All the federal loans have a single application called FAFSA that needs to be filled online.
Once the FAFSA form is filled, the loan application is processed. At the end of processing, the student in provided with a Student Aid Report (SAR) containing information about the amount of federally backed funding that the student is eligible for. This SAR has to be presented to the desired school so as to get the college acceptance letter.
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