how do i take out a student loan?

Question

i am a current student at a college and i finacial aid pays for all of my classes, but doesn't pay for my books or supplies. My first semester at the college they filled out the loan papers with me, then i approved for the loan. This time my college said that if i wanted another student loan to contact my lender for another loan. I want some money to buy a newer computer. The lender said to contact my college, that they should fill out the paper work i need. I am confused and don't know what to do. Any advice about this problem?

Answer 1

How you apply for a loan depends a lot on what type of loan it is: Do you need a federal loan or a private loan (a.k.a., an alternative or supplemental loan)? Federal loans are usually administered by the school, whereas you must seek out private loan funding on your own. In each case, after you apply, the school will usually need to "certify" (i.e. sign off on) the loan amount.

Given that you said your financial aid package already covers your tuition, I'm assuming you've already applied for Federal Student Aid using the FAFSA. So, when your school awarded you your financial aid, did they offer you a Federal Stafford Loan or a Federal Perkins Loan? If they didn't, you should definitely seek out those types of loans first. Federal loans will almost always offer better rates than private loans and they are generally "safer" because they are guaranteed by the federal government. If you *don't* already have a Stafford Loan, contact your school to tell them that you want one and ask them what you need to do.

If you already have federal student loans, you will need to select a private loan product that works for you. There are dozens (if not hundreds) of private loans out there to choose from. You might want to borrow with the lender you used last semester (if you don't recall who this is, ask your school) OR you can choose another company. For a good list of lenders, I recommend www.finaid.org's Best Private Student Loan list : http://finaid.org/loans/privatestudentloans.phtml

With most student loan applications, there will be a section that the student must complete AND a section that the school must complete. It is your responsibility to complete your portion of the application IN FULL. When you are done, contact your school (or bring them the application) and ask them to complete their portion of the application (usually called the "School Certification"part ). Your school will then be able to advise you of any further steps that you need to take.

Answer 2

Your first step should definately be to fill out a FAFSA. You can get a second loan from the same lender, or from another lender. If you qualify for grants or work-study, you may not need to take out more debt.

The financial aid counselor at your school should be helping you (step by step if necessary) through this process. It is important to go the FAFSA route and utilize them first because if you qualify for more government subsidized loans (Stafford loans, etc) it will save you a lot of money in interest in the long run.

However if they are being as unhelpful as you describe, go to your lenders web page and sign in to your account. It should be extremely easy to obtain another loan, student loans are very easy to get. However, you can shop around. Just because you have one with a particular lender doesn't mean its your only option. Many banks (all the major chains) and many Credit Unions offer student loans, and then sell them off to the larger companies without changing your loan terms. Any financial institution should be able to walk you through the process, but definately go back to the financial aid counselor at the college first-its worth the money you will save with a subsidized loan, even if you have to go through the red tape with college office beaurocracy.

Answer 3

It actually depends on how you are getting financial aid. If you are getting it from a private lending institution (you or your parents went to a bank and got a loan) then you will need to do that again. If you filled out a FAFSA to get governmental loans and grants, you have to fill that out each year also. The financial aid department at your school should be able to steer you in the right direction.

Answer 4

For me, the student loan company sent me an application form every year for me to fill out which I would send back.
Maybe your college is different but my advice would be to ask the loan company (or your lender) for an application form. My college never helped me with my application.

Answer 5

There are government loans & grants, and then there are private loans & scholarships.

try to aim for grants/scholarships more... they are not to be paid back. its confusing sometimes, but just keep applying. Scholarships usually have a 1 or 2 page application, and require an essay. Take your time with the essay, so yours stands out.

every big (and small) company you see (manufacturer, orgs, corps and groups also) all have grants and scholarships they hand out like candy. Walmart, Kmart, Target, Coke, computer companies etc etc etc

here are some links with a HUGE list of what is available. some you will need to copy and paste into a new window. also, fastweb (take the time to fill it in) will search databases and get back to you with a list of scholarships you qualify for.

Also contact all mens, womens associations in your state, they almost always have grants & scholarships. What ever field you are going into, contact the orgs, associations etc for them; Also check with professional organizations related to your career interests, such as the American Bar Association or the American Medical Association. they also always have scholarships. Research and dig, call then write. Its all worth it.

OVER apply; it doesnt hurt to have too many, and the extra funds can help with housing.

YOU WILL NEED ADOBE READER:
(yes, its free)
http://www.adobe.com/products/acrobat/readstep2.html

TESTING & PRACTICE TESTS
(SATs, PSATs, ACT, GRE LSAT, MCAT, GMAT,TOEFL, etc)
http://www.kaptest.com/college
http://collegeboard.com/splash/
http://act.org/
http://lsac.org
http://toefl.org
http://www.ets.org
http://www.gre.org
http://www.aamc.org/students/mcat
http://www.gmac.org

TURNITIN
(don’t copy papers, teachers/professors
DO check your papers with this)
http://turnitin.com/static/home.html
http://plagiarism.org/

INFO
NACAC & COMMONAPP
http://www.nacacnet.org/MemberPortal/
http://commonapp.org/
http://nsse.iub.edu/index.cfm

DVD TOURS OF COLLEGES
http://collegiatechoice.com/

CRIME STATS, DATA OF COLLEGES
http://ope.ed.gov/security/search.asp

SCHOLARSHIP LIST
http://scholarshipamerica.org/
http://www.lifebridge.org/gran-list-alph.htm
http://www.angelfire.com/nj4/njcomputerchick/school.html
http://www.chrome.org/scholarshiplist.html

MORE SCHOLARSHIPS, HELP & INFO:
http://apps.collegeboard.com/cbsearch_ss/servlet/scholarshipsearchservlet?SS_ACTION=DB_SEARCH&pageIndex=1
https://www.collegedata.com/cs/search/scholar/scholar_search_tmpl.jhtml?Referrer=OvScholar
http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
http://www.ftc.gov/bcp/menu-jobs.htm
http://www.finaid.org/scholarships/other.phtml
http://www.finaid.org/otheraid/
http://www.back2college.com/library/scholarships.htm
http://www.scholarshipexperts.com/
http://www.scholarshiphelp.org/
http://www.findtuition.com/scholarships/
http://www.collegeconfidential.com/
http://college-scholarships.com/
http://www.statefarm.com/about/part_spos/grants/grants.asp
http://www.gmsp.org
http://www.gmsp.org/gmsp_web/(nb5ctd55gavpfi55bb3a3j45)/scholarships.aspx
http://www.sfa.ufl.edu:16080/scholarshipcafe/
http://www.edsf.org/scholarshipAwards.cfm
http://www.fafsaonline.com/
http://www.fafsa.ed.gov/
http://www.feea.org/
http://www.greenzone.org/
http://www.salliemae.com/
http://www.ed.gov/finaid/landing.jhtml
http://www.scholarshipexperts.com/
http://www.educationplanner.com/ss/code/Profile1.asp?level=u®ion=s&mode=EDIT&sponsor=2859&volume=SS&e&h
http://www.studentawards.com/
http://www.collegeanswer.com/index.jsp
http://www.studentscholarshipsearch.com/
http://www.studentscholarshipsearch.com/Detailed/Scholarships/Meta_indexes_and_other_scholarship_directories/Women_s_and_Non-traditional_students_scholarships_meta-directory_126.php
http://www.akaeaf.org/programsandinitiatives/
http://www.schoolsoup.com/
http://www.blackexcel.org/link4.htm
http://www.dellscholars.org/
http://www.thurgoodmarshallfund.org/
http://www.jackierobinson.org/
http://www.bpwusa.org/i4a/pages/index.cfm?pageid=4212
http://www.wilsonfund.org/scholarships/scholarships.shtml
http://www.uncf.org/
http://www.socxfbi.org/login.asp?reason=denied_empty&script_name=/cgi-alumni/adir2.dll&path_info=/search&sitename=FBI&scroll=10&p=1&S=scholarships&x=0&y=0
http://www.finaid.org/
http://studentaid.ed.gov/PORTALSWebApp/students/english/index.jsp
http://www.act.org/recognition/clients.html
http://www.act.org/kfcscholars/index.html
http://www.kfcscholars.org/
http://www.rhodesscholar.org/
http://www.collegedata.com/
http://www.fastweb.com/
http://www.getreadyforcollege.org/gPg.cfm?pageID=139
http://www.policylink.org/EDTK/AH101/Financing.html#4
http://www.hud.gov/grants/index.cfm

MISC FIELDS OF STUDY
http://www.arts.ucla.edu/support_ucla/primary.htm
http://www.act.org/goldwater/yybull.html
http://www.act.org/recognition/clients.html
http://whereyouheaded.com/
http://luth.org/schools.htm
http://www.nwboatschool.org/
http://soloschools.com/
http://www.nols.edu/wmi/
http://etruscanfoundation.org/

NURSING / CNA
http://www.scholarships-ar-us.org/grants/nursing.htm
http://www.dar.org/natsociety/edout_scholar.cfm
http://nursingworld.org/nursecareer/edfund.htm
http://www.medi-smart.com/finaid.htm
http://www.discovernursing.com/nursing-scholarship-search
http://www.ncaa.org/about/scholarships.html
http://bhpr.hrsa.gov/DSA/nsl.htm
http://www.nsna.org/foundation/
http://www.4cnas.com
http://www.choosenursing.com/
http://www.minoritynurse.com/
http://www.tylenol.com/page.jhtml?id=tylenol/news/subptyschol.inc
http://www.straightforwardmedia.com/nursing/
http://bhpr.hrsa.gov/nursing/scholarship/

BECOMING A TEACHER
http://www.siemens-foundation.org/TeacherScholarship/
http://www.aft.org/teachers/jft/becoming.htm
http://www.fseog.com/
http://www.childcareservices.org/ps/teach.html
http://www.act.org/recognition/clients.html

CHILDREN OF MILITARY
http://www.militaryscholar.org/about/about.shtml
http://www.mcsf.com/site/c.ivKVLaMTIuG/b.1677655/k.BEA8/Home.htm
http://www.vfw.org/index.cfm <-do search for ‘scholarships’
http://www.milspouse.org/Educ/Fund/MilFScholar/
http://www.aerhq.org/education_dependentchildren.asp

INTERNSHIPS
http://www.fasttrackinternships.com/
http://www.internprograms.com/
http://www.brillstreet.com/
http://ceri.msu.edu/

DEPENDENCY or NOT
http://www.salliemae.com/get_student_loan/apply_student_loan/understanding/financial_aid/dependency/

LOAN FORGIVENESS
http://www.pheaa.org/loanforgiveness/healthier_futures.shtml
http://www.aft.org/teachers/jft/loanforgiveness.htm
http://studentaid.ed.gov/PORTALSWebApp/students/english/cancelstaff.jsp?tab=repaying
http://www.finaid.org/loans/forgiveness.phtml
http://www.aessuccess.org/manage/cant_make_payment/Federal_Teacher_Loan_Forgiveness.shtml
http://www.staffordloan.com/repayment/forgiveness.shtml
http://www.educationplanner.com/ss/code/Profile1.asp?level=u®ion=s&mode=EDIT&sponsor=2859&volume=SS&e&h

STATUS OF LOAN OR AID
http://www.nslds.ed.gov/nslds_SA/

IF YOU DON’T HAVE YOUR PIN yet (for your loan / aid status) apply for one:
http://www.pin.ed.gov/PINWebApp/pinindex.jsp

ESSAY HELP
http://essayedge.com/
http://www.scholarshiphelp.org/
http://www.gradesaver.com/resources/scholarship.html
http://www.collegeadmissionsessays.com/
http://www.nataviguides.com/broke_essay.html
http://www.princetonreview.com/college/apply/articles/process/essayjump.asp
http://www.scholarshipessay.us/
http://www.freschinfo.com/tips-brainstorming.php
http://www.freschinfo.com/tips-topic.php
http://www.korepetycje.com/Essays_Articles/scholarshipessay.html

GRANT SCHOLARSHIP SCAM LIST
(if you find a scam report it here too)
http://www.ftc.gov/ftc/consumer/media_psas_classads.html
http://www.actstudent.org/finaid/scholarshipscams.html

LOANS
http://www.ed.gov/offices/OSFAP/DirectLoan/index.html
http://www.acteducationloans.com/
http://www.finaid.org/loans/educationlenders.phtml
http://www.financialaid.com/plus/index.cfm?id=plusloans
http://www.alternativestudentloan.com/
http://www.parentplusloan.com/
http://www.financialaidpodcast.com/about/
http://www.myspace.com/financialaidpodcast
http://www.FinancialAidPodcast.com

GRAD LOANS & SCHOLARSHIP
http://www.gradloans.com/graduate-plus-loan/
http://www.gfoa.org/services/scholarships.shtml
http://www.akaeaf.org/programsandinitiatives/

DEFAULTED STUDENT LOANS
http://www.ed.gov/offices/OSFAP/DCS/index.html

CONSOLIDATE LOANS
http://loanconsolidation.ed.gov/
http://www.plusloanconsolidator.com/
http://www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/student_loan_consolidation.htm
http://www.salliemae.com/content/privateconsolidation/index.html


TEACHER / PROFESSORS reviews, rated by students
http://www.ratemyprofessors.com/index.jsp
http://teacherreviews.com/
http://pickaprof.com/

INTERNATIONAL STUDENTS
http://www.edupass.org/finaid/
http://www.irex.org/programs/grants.asp
http://ciee.org/
https://www.iesabroad.org/IES/home.html
http://www.iie.org/programs/gilman/index.html
http://www.iie.org/programs/gilman/resources.html
http://www.iefa.org/
http://www.iefa.org/resources/
http://educationusa.state.gov/
http://college-scholarships.com/
http://www.studyabroad.com/forum/financial_aid.html
http://www.internationalstudent.com/
http://www.internationalscholarships.com/
http://www.internationalstudentloan.com/
http://www.globalslc.com/
http://www.edupass.org/finaid/loans.phtml
http://www.abroadplanet.com/student-loans/the-global-student-loan-corporation/
http://www.salliemae.com/international/
FROM OTHER COUNTRIES
http://fordfound.org/

HISPANIC SCHOLARSHIPS
http://www.hsf.net/
http://www.scholarshipsforhispanics.org/
http://www.statefarm.com/about/part_spos/grants/hispanic.asp
http://www.hsfi.org/
http://scholarships.hispanicfund.org/applications/
http://www.chci.org/chciyouth/scholarship/scholarship.htm
http://www.bpwusa.org/i4a/pages/index.cfm?pageid=4212

Answer 6

Go to this website and fill out the 06/07 FAFSA & the 07/08 FAFSA.
http://www.fafsa.ed.gov

If you need any further help hit me up here.
I am a Financial Aid Administrator for a vocational college.