College education being expensive leaves students with little choice but to seek student loans from some source or the other. Though there is a plethora of loans, many of these insist on the student to have a co-signer and credit worthiness. Yet, there are quite a few options from the government for obtaining student loan without having a co-signer or credit check. However, students should know how to apply for a Federal Guaranteed Student Loan.
Fortunately, the process of getting such loans is not difficult. On considering applying for such loan, you’ll need to gather the following documents and proceed as directed:
- Latest copy of income tax return
- Social security number
- Number of your driving license
- Statements from your bankers
How to apply for a Federal Guaranteed Student Loan
- Visit FAFSA (Free Application for Federal Student Aid) website from the department of education through the Internet. On filling up the prescribed application form and submitting the same, you become entitled for obtaining loans or grants. If you are found eligible, you can expect federal and state grants as financial assistance. How soon you get loan depends on how quickly the financial assistance office of your school gets the needed information.
- You can assess if you are qualified for receiving financial assistance by using the worksheets available online. These worksheets, called dependency worksheets, determine the amount you of aid you can get. Dependent students are required to provide tax information of their parents while completing FAFSA application.
- You’ll need to find out codes of various schools. School codes are necessarily required to enable the school or university that you intend joining to get the required information in this regard.
- Further, you’ll also need to apply for and get your PIN, Personal Identification Number from FAFSA website. You have to use you PIN for signing your form electronically and checking your financial records in future.
- It is imperative to find out the dates by which application for state and federal aids are to be completed and submitted. The last dates in case of federal loan are from 1st July to 30th June of the coming year.
- Now, fill up FAFSA’s free application form for availing loan. It’s here that you’ll need to enter details like your driving license number, tax details and bank information. A very helpful feature of this site is that it allows you to save your application for being completed later.
- Using your PIN, sign the application electronically.
- Before submitting you application, make sure to review the same. This is to help you find out if you made any mistakes that could lead to your application getting rejected. Print and store a copy of your application. You get a confirmation after having submitted your application.
- You can know where your application stands on clicking the “View and Print Your Student Aid Report.” You can’t take it for granted that FAFSA has accepted your application. You’ll need to use your PIN for checking the status of your application.
- Examine your Student Aid Report (SAR). An email will inform you how you can access SAR. Your college will refer to this report for assessing the amount of loan for you. You’ll also come to know of your Expected Family Contribution (EFC), which represents the funds that need to be contributed by you or your parents for funding your education.
So, those are the steps telling you how to apply for a Federal Guaranteed Student Loan.