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How To Get A Student Loan – Both Federal & Private

February 26, 2012

How To Get A Student Loan

Get A Student Loan

When it comes to answering the your how to get a student loan question, the best answer we can give you is to fill out a Federal Application for Federal Student Aid (FAFSA) which needs to be done for the year you are looking to obtain financial aid through student loans. The FAFSA is purely federal student aid which if provides federal loans like the Perkins and Stafford which are both needs based loans, meaning eligibility is based off of your need for financial aid and not based off of credit score at all.

There is also a loan program called the PLUS loans which are loans that are made available for parents whom are looking to take out a loan in their name to provide funding for their children’s college education, which these are credit based. This how to get a student loan resource is so valuable becuase of the fact that federal student loans offers it’s eligible applicants the best interest rates as well as the best repayment options, and filling out the FAFSA just happens to pose the opportunity of qualifying for federal grant money, which is money you never have to worry about paying back.

Note that the FAFSA can be filled out as soon as January 1st for the year you are looking to obtain financial aid.

How To Get A Student Loan That Is Private

When it comes to how to get student loans that are from private lenders, there are a couple of options which include:

  • Banks – Which you can go through the bank that you currently hold an account with, or you can go with a different bank, which some great private student loan lenders are; Citi Bank, Bank of America, Wachovia, Chase among others.
  • Specific Providers – These include organizations like Sallie Mae and Access Student Loans among others.
  • Credit Unions – When it comes to how to get a student loan through credit unions, you must become a member of a credited union which is done by applying either online or on location. Keep this resource in mind if you need to apply for federal student loans because credit union loans offer private loans but with interest rates that are comparable to the likes of federal student loans, offering you a great alternative.

Private student loans can provide great benefit, but should be used after your grant and federal loan money has not sufficed your entire financial need when it comes to the amount you need to pay for your education and other related costs. Getting student loans that are private comes with negative aspects like higher interest rates and less lenient repayment options, as well as are always credited based so the best thing to do if you need to apply for a private loan is to obtain a worth co-signer as this will both increase your odds of becoming eligible for a private loan as well as provide you with a lower interest rate.

When it comes to how to get a student loan these are the methods that you can use to get loans to pay for your tuition, but always remember to apply for grant programs, both federal and private and as many as you can because you can pay for a big part of your education with grants which unlike loans, you will not be in debt for whatever amount you are granted.