The Importance Of The FAFSA When Acquiring Student Loans

College, as most people are well aware, is an expensive place to go. The situation is tricky for many people because they need to go to college in order to obtain the education they need to fulfill their career dreams and earn a great salary, but many people cannot afford college; leaving you wondering how you will ever get ahead in life if you need an education to earn a good salary but you haven't the money to get an education. This is where student loans are important. For those that do not have enough scholarships and grants - or the personal funds - to pay for college, student loans are a great alternative.

There are two kinds of loans; there are federal loans and private loans for students. There is a big difference between the two. Federal loans are offered to every student that is enrolled in college at least part time. The private loans are only available to those that have excellent credit and fill out a loan application. To obtain a private student loan, you will have your credit pulled and your decision made based on your credit score. While filling out a student loan application for a private loan is simple, it is difficult to get a private student loan if your credit is not perfect. You do have the option of asking a relative or friend to co-sign for a student loan on your behalf, but if they don't have perfect credit or are unwilling to co-sign, your chances of getting a private student loan to cover college expenses such as tuition and books is very slim.

Fortunately, federal college loans are available to anyone and do not require a credit check. What a federal school loan does require is a FAFSA - the Free Application for Federal Student Aid. Without filling out the FAFSA, you are not eligible for a federal college loan. The FAFSA is very important for those wishing to obtain a federal school loan. The FAFSA is available online or you can pick up an application at any college campus. The application is required to be filed at different times for each different school in each different state, but the sooner it is filled out, the better. The information required on the FAFSA is used so the government can issue your student aid award and provide you with the funds you need to go to college.

On the FAFSA, you will need to provide your name, your address, your Social Security Number and your school code, which can be obtained on the FAFSA website by performing a simple search or by asking anyone that works at the college where you will be in attendance. Additionally, you will be asked to provide your financial information from your most recent federal income tax return. If you are a dependent student you will need to provide your parent's financial information. Once your application is submitted, your school will be notified of the amount you are eligible to receive. The school will receive your funds at the beginning of each semester and remove the amount that covers your tuition, refunding the rest to you. From there, you may use the extra funds for books and other college expenses.

Did you find this article helpful? If so, learn more about student loans without cosigner or about student loans for bad credit by checking out a great web resource over at http://studentloansolver.com/.

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The Three Main Benefits Of Acquiring A Student Loan

With the economy as it is today, it's vital that you get a college education to giver yourself the opportunity to find a decent job and to at least try to get the necessary foundation that is required to get a high paying job within your chosen industry. It's no longer a luxury to have a college education, it is more of a necessity, and that's why exploring all your available option for student loans is important.

Below, I've outlined three of the main benefits for acquiring a student loan.

1) College Education Is Guaranteed

When seeking your college education and you've not received an academic full ride scholarship, the task of paying for college can seem daunting. That's why it's important that you explore all your available options. Such options as student loans. One of the main benefits to receiving a student loan is knowing that your education is fully guaranteed and paid for. With your tuition fully paid your only task is to ensure that you study and pass the course work to ensure that you graduate.

Of course knowing that your education is paid for is a plus, but if you've taken out a student loan, then you know that you'll have to work hard to ensure that the loan was not made in vain. This will definitely be an incentive to work hard, as your money is on the line.

2) Government Funding Can Lead To Grants

Another great option for student loans is to use the available options that the government provides for funding your education. There are a few programs that the government has created to ensure that each person has the opportunity to attend college. A bit of research and you'll find options such as the Pell Grant or Direct Loan that the government provides to qualified individuals. A simple search online will lead you to the official website of the US Dept of Education that goes over everything you'll need to get the funding you require.

3) Does Not Have To Be Paid Off All At Once

The beauty of student loans is that the loan can be re-paid over a number of years, and in some cases you do not need to worry about repaying the loan until your education is completed. Once you start an actual job, you can then factor in re-paying the loan from your salary. It's important that you try your best to excel in your education to ensure you give yourself the best opportunity to find a job that pays well that will allow you to repay your loan along with being able to still afford the luxuries in life.

These three options alone show the true benefits of acquiring a student loan. You get the feeling and peace of mind of knowing your education is guaranteed, you have the opportunity for government funding, and you can repay your loan over a period of time.

Since you're actively seeking student loans then you should definitely look into these options for the best student loans available to you.

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