Applying for college is hectic enough, so it’s a good thing that it’s easy to apply for a student loan. If you are new to financial aid for college (including student loans) you can start learning about all of your options for college financial aid by viewing our Getting Started Section.
The first type of student loan you are going to need to apply for is a federal student loan. The good news about federal student loans is there is a “one stop shop” for these types of student loans, FAFSA. FAFSA is the Free Application for Federal Student Aid, and it is your gateway to federal student loans. FAFSA is free, and any student attending college at least half-time should apply. FAFSA is honestly one of the most important steps in financial aid for college and should not be omitted. The most important thing to remember when you apply for federal student loans is to apply before the FAFSA deadline!
The second type of student loan you can apply for is a private student loan. You should never apply for a private student loan if you have not filed FAFSA. When it comes to student loans, federal student loans are king; they have better rates and repayment options in comparison to private student loans. If you have exhausted your entire federal student loan, scholarship, and grant opportunities and still need more money for college, then this is when you can start to apply for a private student loan. A private student loan will be a credit-based loan, so you may need a creditworthy cosigner to qualify. It is imperative for you t do your research on the lender of the loan, make certain you completely understand the terms, rates and conditions of your private student loan before locking in.
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