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The process of applying for a student loan

In today’s article, I would advise you the various ways in which you can apply for a student loan. I myself am a 21year student studying in the University of California in Berkeley and I am proud that I applied for a student loan when I wanted to pursue my graduation in Economics major. 

So how can students apply for student’s loans? Is it really difficult or easy? Read my article to know more. I will guide you on the various steps and processes on how to apply for a student loan.

How to apply for a student loan?

Are you planning to apply for a federal student’s loan or have you just submitted an application in the bank for a student loan? Initially applying for a student’s loan may seem to be a really tedious process. It is however not so. Receiving federal students loans are done in three major phases. In the first step you would need to complete the free application for federal students Aid. This can be completed online as well in the website. There are times when student loans are also awarded to students based on the financial condition of the family and information like

  • Name, date of birth and proof of address
  • Social security number and any identity proof
  • Federal tax returns or showing any record of income that is earned by the student or parents if the student is still dependent.
  • Name of the school

What needs to be done for applying to student loans?

After I completed filling up my FAFSA form I received by student aid report. The form was also forwarded to the institutions, which I listed in the application. The financial aid offices then reviewed my form and sent me a financial aid award letter where they offered to help me with a certain amount. I decided to study in the University of California after a lot of scrutiny. You should choose a school that fits your requirements, your goals and your family budget.

What is the list of information that you need to provide to the bank?

  • The name of the school
  • Your license number
  • Your social security number
  • Your monthly income
  • Name of your employer and monthly rent or mortgage
  • The anticipated month of graduation
  • The requested loan amount
  • Cosigner name
  • Student borrower

There are some lenders who also ask for original documents that they can refer to before approving the loan amount. After the amount of already approved, you would need to sign a note where you would promise to pay back the lender once you are complete with your education.

These are the ways to apply for a student federal loan. I have helped many of my friends in taking student loans as well. You can also check the Internet for information on how to apply for a student loan.

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