Are you planning to apply for a student loan then in this article I will give you a lot of useful information that you may not get anywhere else. Aren’t you aware of the steps and the documents required, well here I have been trying to enlist all the document details for your aid.
Whether you are applying for FAFSA to get a Federal Student loan or submitting an application for private student loan, the entire process is quite complicated. There are a lot of steps involved in the application process for Student loan. I have penned down some of the necessary information required for both the parents and the students looking for student loan application.
Are you applying for Federal Student Loans?
There are three steps involved in order to receive the benefits of Federal Student Loans like Direct Subsidized and Direct Unsubsidized loans.
- Completing the FAFSA (Free Application for Federal Student Aid) for fill up via online.
- Step two includes the research phase for the colleges or universities that best suit you after you receive the Student Aid Report.
- Accepting the financial aid from the educational institute you have chosen.
Details about you and your or family’s financial status is necessary
In order to apply for the Federal loans you have to give out the following personal as well as financial information
- Your name, date of birth and place of address
- Your social security number
- Driver license number
- Federal tax returns and recent income records of the students. The financial records of the parents’ are required in case you are dependent on them financially.
- Federal Student Aid Pin Number that allows you to get access to the Federal loan application and you sign the form.
- Name of the colleges/universities should be listed. You can include up to 10 schools.
Information required while applying private student loan
When you opt for the private student loans, there are certain similar and additional information required from your end. Let us have a look at the detailed information that you need to give.
- Name of the college/university you plan to enroll in
- Your name
- Social Security Number
- Driving License Number
- Your gross monthly income, including the recent pay sheet
- Name of the employer along with contact details
- Length of your employment
- The loan amount that you have requested
- The loan period for the required funds (is it for the full academic year or just a few semesters?)
- Monthly rent or mortgage if any
- The name of the cosigner with a functional and valid email ID
- Student Borrower Reference’s name and contact details
If you are looking for student loan, then check out all these above sections well as the above mentioned are some of the detailed information required by the private banks, individuals, and financial institutes while applying for the private student loans. The documents are required to be submitted for verification. Once the verification is complete you will be called to sign and accept the terms and conditions as set.