How To Apply For Federal Student Loan
Applying for federal student loans can be a confusing process. There are many steps involved and many deadlines to keep in mind. If you follow the steps below, however, you’ll be able to apply for your student loan with ease.
Create A FSA ID
You can create an FSA ID online or using your mobile device.
To create an FSA ID online, go to https://studentloans.gov/fsaid and select “Create FSA ID”. Follow the instructions on the website. You may need to have a valid email address and U.S.-based phone number in order to complete this step successfully. Once you have created an FSA ID, you will be eligible for certain other benefits, such as instant access to your loan information through email and text notifications when there are updates with your loans
Check Your Eligibility
Before you begin your application for federal student loans, it is important that you check your eligibility. You should be certain that you are eligible for all types of federal aid before applying. By doing this, you can avoid the frustration of having to apply again after realizing that there was some information missing from the first time around.
One thing to keep in mind when checking your eligibility is that each type of financial aid has its own set of requirements and rules. For example, some programs may require specific grades or ACT/SAT scores while others do not have any such requirements. Thus it is important that students understand what they need to do in order to qualify for each program they wish to apply for before they even start filling out paperwork on their own computers!
Submit Your Free Application for Federal Student Aid (FAFSA)
The FAFSA is a form you can fill out online, and you can fill it out at any time. However, you must submit the FAFSA by the deadline in order to be considered for federal student aid. You can access the FAFSA on the Federal Student Aid website, which will walk you through every step of filling out and submitting your application.
Complete Entrance Counseling
- Complete Entrance Counseling
All federal student loan borrowers must complete a series of three exit counseling sessions when they first obtain a federal student loan. You can find the exit counseling form on your servicer’s website or by calling them directly. The first step is to complete your initial entrance counseling, which is done during the application process and can be found at https://studentloans.gov/myDirectLoan/. Once you have completed this, you will be able to access two additional sessions online: 1) Repayment Plan Selection and 2) Loan Consolidation & Discharge.
Sign Your Master Promissory Note (MPN)
The MPN is a legally binding agreement that you sign before receiving your first student loan disbursement. Signing the MPN means that you agree to pay back your student loans, as well as agree with the terms of the loan (interest rate, repayment period etc).
The PDF version of the MPN can be downloaded from your school’s financial aid office website or from NSLDS (National Student Loan Data System) website.
By following the steps above, you can easily apply for federal student loan.
To apply for federal student loan, you can:
- Apply online
- Apply by phone
- Apply by mail (but this will take longer)
- Apply in person or on the spot at a bank or credit union office. If you apply at a school, they may have an application you can fill out right away and then send to the lender.
Some lenders also offer other ways to apply besides these four options above. Your college might tell you about them if it has them available or give you some information about how to find out more about those options.
We hope this guide has been helpful in understanding the process of applying for federal student loan. If you have any questions, please feel free to contact us by email at [email protected] or call 855-529-0219 (Toll Free).