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How to: get a student loan

By Edited Dec 28, 2015 0 0

Worrying about money...

If you are having difficulty in pursuing your college due to financial problem, then your best option is to apply for student loan. This type of loan is called federal loan. There are two popular federal loans available in the U.S. These can help you get through college without you having to constantly worry about money.

One is the Federal Pell Grants and the Federal Stafford Loans. As a student, for you to avail any student loan with grant, you must meet the basic requirements set by the government.

To start your application, you must first fill out a FAFSA (Free Application for the Federal Student Aid) form. Once you completed this and able to follow the instructions provided there, as well as answer all the questions included, your paper will then be forwarded for checking, and once approved, you can then proceed to your application of a student loan with grant.

A student loan can help you get through college

student loan

What you need to qualify

Aside from completing FASFA, you must meet the following requirements to be eligible for any student loan with grant:

1. You must be a U.S citizen of legal age.

2. For Pell Grant eligibility, you must be an undergraduate or enrolled in at least six credit hours, or half-time. The exception here is only with the case of students who is under post baccalaureate teacher certification programs.  For Stafford loan grant, this can be availed by those who already passed a degree but still planning to pursue another higher level education.

3. You must not be convicted of any crime or housed in a federal or state prison.

4. You must not be proven to be positive of drug addiction. If you were granted with a federal loan with grant but proven to be in possession of illegal drugs later on, your eligibility will be forfeited

5.  For Pell grant, your family’s annual income must not exceed $20,000. Unsubsidized Stafford Loans, which accumulate interest while the student is still in school, are offered to most financial aid applicants but only to those who have low-income and would also likely to receive Pell Grants.

Borrowing limits

Once you your application for a student loan with grant is approved, you are then entitled of the following borrowing limits: A $5,500 per year with a Stafford Loan with grant is granted to a first year college student who is still financially dependent on their parents. This will go up for the next succeeding years while your eligibility is still active.

On the other hand, financially independent students in their first year of higher education may borrow $9,500 with a Stafford Loan. And if you are a graduate student, you are entitled to borrow up to $20,500 per year through the Stafford Loan program.

Disqualifying factors

There are some things that will disqualify you for the students grants. Here's what will stop you:

1. If you continuously fail on your college degree without progress.

2. If continuously failed to repay the federal loans.

3. If you are proven to attend to more than one school at the same time.

4. If you are proven to receive both Pell Grant and Stafford Loan for one university or college.

5. If proven to be in possession of illegal drugs or convicted while receiving any federal loan with grant.



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