What are the steps to take out student loans?

Question

I took out student loans last year for my grad studies; but now I can't remember the steps to get my award letter. Do I need to do another FAFSA?

Answer 1

Generally speaking, the FAFSA must be renewed each academic year for both grants and government sponsored loans. You SHOULD automatically receive a renewal form or email, depending on whether you applied electronically or on paper in the first place. You WILL NOTautomatically receive a loan application for your next year of studies, so if you haven't applied yet for the fall semester, you should check in with your institution's financial aid office or log on to www.fafsa.ed.gov ASAP!

Answer 2

You need to do another FAFSA. (Don't you just HATE them?) Usually, if you file online they tell you right away what they feel you can pay for college. (Always more than you really could afford, I think.) This goes to the Financial Aid office at your college. Most colleges will offer aid so that your financial obligation is not more than what FAFSA says it will be. However, much of this will be in the form of Federal loans, like Perkins, etc. Once you know how much your school will give you, then you seek whatever additional student loans you need. As a parent of college kids, I get a PLUS loan--this is a federal loan for parents; they have good interest rates.
You college's Financial Aid office can steer you to places for loans. There are probably links on their website, too.
And somewhere here is confused: FAFSA is not a loan; it's how your financial need is determined. Student loans are much better than credit cards because the interest rates are much lower. How can anyone pay these outrageous tuitions without loans these days?

Answer 3

First fill out the FAFSA. You can't get anything without one.
Speak with your financial aid office most importantly. They can help you a lot. Also, if you are wanting federal loans you don't need to do anything except sign the promissory note. Your college's financial aid office fills out everything else. To get your award letter from your school you just need to fill out a FAFSA and make sure your schools code is on the FAFSA. You may need to fill out an income verification form at your school, but other than that you shouldn't need to do anything else.

If you want outside/alternative loans you need to apply to the companies directly. Sometimes your financial aid office can apply for you (with you there of course) but you can apply directly to the companies.

I recommend http://www.salliemae.com
They offer high approval rates and low interest rates.

Speak with your schools financial aid officer should you have any more questions.

Answer 4

You need to fill out a FAFSA form using your filed income taxes from 2005. You should be contacted through the mail, and possibly e-mail with a PIN number. At this point you should be able to log onto their website to view what you have been awarded. At my college, you also receive a letter stating how much an institution is willing to lend you.

Answer 5

No. U dont need to do another FAFSA. Check this out. >>>>>>>>>>>>>

Student Loan> Steps to Take
By Terry Savage
TheStreet.com Contributon

Let me make it perfectly clear: If you have a student loan and have not consolidated and locked in current low rates, you must do it now -- today.

This advice applies to anyone with outstanding loans. That includes current students, even though they may take out other loans in the future.

In order to lock in the current lower rates, you must have a "substantially completed" loan-consolidation application on file by midnight, June 30. When you consolidate your loan, the rate will be a weighted average of your existing loans. Current students could potentially lock in a consolidation rate as low as 4.75%, compared with a rate of 6.625% after July 1. Older loans may result in a higher consolidated rate.

A special note for student borrowers who are still in school: This will be the last opportunity to consolidate existing loans while you're in school. Changes in the law mean that all future consolidations must be done after graduation.

For more grist on these changes, read my earlier column on the subject. Then get moving on consolidating! Here's my attempt to answer some questions on the process that I'm guessing will arise.

Where do I consolidate?

If you have only one lender, you must consolidate with that lender. If you have loans from different lenders, you can consolidate with any lender approved by the Department of Education.

How do I compare?

By law, all lenders and consolidators must charge the same rate, and may not charge additional fees. But many lenders do offer additional special deals.

Answer 6

That's strange(that everyone is saying to FAFSA each year), my son's school said that the application he filed this year will take care of all of his loans in the future, and he wouldn't have to sign anything, or do anything except show up for school.

Answer 7

first thing is to fill out your fafsa which you can do online or your financial advisor can help you do then after that you will get your federal loans then if you need more money for school try aweb search for student loans

Answer 8

Oh geez hun, I feel for ya. It's a b|tch having to take out those loans each year. Yes, you do have to file for fafsa online each school year. You should contact your schools financial aid department for more information. Hang in there! Good luck! :-)

Answer 9

Fill out a Fafsa, check "yes" where it asks if you would consider loans. Contact your financial aid office and ask them for information.

Answer 10

All you have to do is renew the FAFSA. In other words, simply update your information and make a copy for yourself. Then, give a copy to the financial aid office at your school. I hope this helps.