There are many factors to consider before applying for a student loan. Among these are how much is available in savings or other non-loan areas. Are you going to receive any scholarships? Is the educational institution accredited? Will you be going full time or only taking one or two classes? Make a list of the expenses for each semester. Will you be living on campus or commuting? Allow enough money to purchase books, food, clothing, and other basic supplies. Once those criteria have been established, you must allow yourself plenty of time to complete the process.
Before even considering loans or grants, you must have received an acceptance letter from the educational institution of your choice. Once that has been accomplished, it is best to visit the school in person and make the acquaintance of the financial aid office. However, that is not always an option. The second step, once an acceptance letter is received and returned is to fill out the FAFSA or Financial Application For Student Aid. Most financial aid offices will help in filling out this form and sending it to the correct address. While awaiting the results from this, explore the possibilities of various grants and scholarships that are available. Again, the financial aid office will help determining the availabilities of these.
The FAFSA will generate a SAR or Student Aid Report. Use this form in conjunction with grants, scholarships and other financial awards to calculate the amount of money that will need to be borrowed to ensure payment of the educational credits. If you are planning on working while attending school, these funds can be used to offset the total repayment amounts. However, the lending institutions will use these monies to determine the loan amounts available for subsequent semesters.
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