Simple Steps to Apply for a Student Loan

If you are planning on attending college in the near future, there is a good chance that you will need to apply for student loan help. The growing costs of a secondary education have made it extremely difficult to get through college without some type of help financially. Therefore, you will probably need to know how to go about applying for a student loan. Here are the basic steps in applying for a student loan.

Fill Out FAFSA

The first thing that you need to do is fill out the FAFSA application. FAFSA stands for Free Application for Federal Student Aid. This application helps the government determine exactly how much help you need. If you are a dependent of your parents, their income will play a factor in how help you can get. 

Stafford Loans

The main loan program available is the Stafford loan. This is a federal program that has two different options. You can get a subsidized loan or an unsubsidized loan from the federal government. Subsidized loans are given to those that need them and the need is determined by the FAFSA application. If you receive a subsidized Stafford loan, you will get a lower interest rate and the government will actually pay the interest for you while you are still taking classes. 

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