Those looking to attend college who do not qualify for student aid from the government, look to find another way to fund their education. A way to do this is to apply for student loans. Though not everyone is eligible for student aid from the government, everyone is eligible to apply for a student loan. The requirements include filling out a FAFSA, signing a master promissory note, applying for a PIN and completing the Entrance Counseling. All these requirements are mandatory in the process to determine your eligibility to be awarded student loans and the amount that may be awarded.
Apply for a PIN
A PIN (Personal Identification Number) is a numerical four digit number of your choosing that you will use to apply for your financial aid documents, such as your master promissory note, loan applications or disclosure statements. Your PIN is used as your electronic signature on any document that requires a signature online. Your PIN allows you the capability to return to any unfinished forms online and resume your application.
FAFSA (Free Application for Student Aid)
Complete a FAFSA application online or through its paper application with your name, address, Social Security number and tax information. If you are applying as a dependent of a parent or legal guardian, you will need to use their tax information. You are considered a dependent if a parent or legal guardian claims you on their taxes. Your FAFSA application will be evaluated and reviewed for your eligibility of financial aid. Your eligibility is assigned an EFC (Expected Family Contribution). This number is used by the college or university you have applied to award a certain amount of money for your loan. This number is not the amount you or your family is expected to pay.
Entrance Counseling
As an applicant for a student loan, you are required to complete a 20-30 online evaluation. The evaluation outlines your obligations of taking on a student loan, such as repayment after completion of your education. The entrance counseling is mandatory and once it is completed, a notification will be sent to your school of your fulfillment of the counseling.
Master Promissory Note
A master promissory note (MPN) is a promissory note that will allow you to borrow money for up to 10 years under multiple loans. You will only need to complete one MPN to borrow money from the Direct Loan Program. The Direct Loan Program offers two loans, one for students and one for parents. A student borrower will only need to sign one MPN to apply for both the Subsidized Stafford Loan and the Unsubsidized Stafford Loan. To fulfill the student borrower MPN, you will need to fill out your personal information, Social Security Number, any employer information available, a PIN, your school name and references. Parents filling out an MPN for their student are eligible to apply for a PLUS loan. Parents are required to fill in their personal information, the student's personal information, employer information, the school name, references and have a PIN.
Tags: master promissory note, personal information, apply student, borrow money, borrower will, dependent parent