If you, like many other Americans across the country, are currently wondering about "my federal loan," don't worry because you're not alone in your curiosity or concern. Roughly 60% of those who attend post-secondary education will depend on a student loan to fund their college or university degree. Fortunately, most individuals are eligible for some type of financial assistance, even if it doesn't cover the entire cost of the tuition.
Eligibility And Application:
Before applying for what you will refer to as "my federal loan," it's good to check your eligibility because while most will be approved for some type of funding, not all students will meet the requirements. Some are simple requirements, such as being a legal citizen of the United States, while others will depend on your level of completed education in terms of a high school diploma or GED. Other factors that apply include a grade point average of C or higher, and registration through the Selective Service System for those who must.
Once you have found that you are eligible, applying will require a little more work, but you can start with the financial aid department of your college or university. You can also visit the federal student aid website, register for an ID and apply online on your own. Some of the things you will be required to include in your application is your income or the income of your parents if you live at home or are of a certain age. You will also need to enter your personal information such as name, birth date, SSN and other data. Students can also apply by phone or via paper application in some instances.
Managing Your Loan:
If you need to make changes to your loan terms, make a payment, or consolidate loans, there are options which can also be found online or by contacting the federal student aid department personally. Some students will borrow from different servicers and may find themselves trying to pay back several institutions upon graduation. You can use my federal loan consolidation options to put all loans into one institution for repayment.
Some tips for managing your loan, which certain services often offer, include only borrowing what you need to pay for tuition and supplement living costs. They also suggest that you read and understand all of the documentation involved in your loan application and the ongoing paperwork involved before signing anything. While most financers are straight forward about the guidelines involved in your loan, you may be surprised by some of the fine print if you don't read before signing. Keeping payments prompt is also an important factor in properly managing your federal loan. If you find yourself unable to pay for some reason, it is important that you contact your servicer as soon as possible to inquire about financial repayment assistance or other options which may be available to you.
Getting More Funding:
If at some point, your situation at home and school changes, and you find yourself needing more money than you had initially thought, make sure that you update this information on your next application and speak to your federal loan provider as soon as possible. All data should be updated regularly relating to your financial circumstances such as income.