Student loans are a common way of paying for college. It is estimated that more than two-thirds of all college students have taken out a student loan, many totaling more than $15,000. Before you apply for a student loan for college, make sure to understand student loan eligibility requirements from the lender.
Instructions
1. Submit an application for federal loans through FAFSA. Nearly all college students will qualify for a Stafford Loan with the federal government. The main qualification is that you are a full-time student. The Perkins Loan is available through the federal government to low-income students that demonstrate a severe financial need.
2. To qualify for federal Stafford Loan, you must be a full-time student and not fall below half-time status, be a U.S. Citizen, National or permanent resident alien, you can not be in default of any Title IV grant or loan and males must be registered with the Selective Service.
3. The federal Perkins Loan is distributed by your respective school. They receive a limited amount of resources, and then distribute the loan to those in the most financial need. To qualify, you must also meet all the qualifications of a federal Stafford Loan.
4. For private loans, visit the private lenders' Web sites for an overview of the company and their policies. The requirements and qualifications will vary from lender to lender.
5. Browse the lenders' Web sites until you find the eligibility requirements. Often this is found in categories such as "Preparing for a Loan" or "Choosing the Correct Loan." If you cannot find it there, the "Frequently Asked Questions" section often will have a link.
6. Read over the information provided. If the information is confusing in any way, contact the lender through the link offered on the Web site. Any reputable lender will be happy to answer any questions. Students can contact a high school admissions counselor or financial aid counselor at their school, or can ask a parent for help.
Tags: Stafford Loan, student loan, college students, eligibility requirements, federal government, federal Stafford, federal Stafford Loan