Who Qualifies for a Student Loan?


All of us dream of making it big in life; having a great life with a dashing car, house and tons of money is most of our aim. To fulfill those dreams you need to be educated in today's knowledge based world. Due to rising costs most of us opt out of going to college after high school and take up employment. College education is very expensive and not everyone can afford it. Even students who are living with parents need money for college studies. Here our Federal Government has come up with student loans.

Who qualifies for student loan?

• A student who is a natural American citizen interested in pursuing college studies is eligible to apply for student loan. Although the criterion is the same, each state may have certain eligibility regulations. Check with your school's financial aid office.

• If you are in high school and are getting good grades then you need to start looking for a student loan. First decide which college you wish to apply for. Make a note of the money you have or if your parents are financing you. Decide on the amount you need for college and approach the financial aid office.

• Fill out FAFSA. This is very important if you wish to apply for student loan. This form is the key to finance your education. A FAFSA form should be filled out accurately and correctly as the information provided by the student can be verified by your school, your state or by federal student aid. If you are given any financial aid on the basis of any incorrect information on the FAFSA, you may be fined for this misdeed. By applying online, it saves time and the hassle of paperwork and the results are also achieved faster. A FAFSA form is also available on paper and can be acquired form the school's student financial aid office but there are chances of more errors than online. Applying for FAFSA online is more advantageous because the system is already prepared for this application and can help while you go along.

• Your age and high school records are essential to join college. Maintain good passing grades in at least 60% of a full course load. Your educational qualification and the course you wish to apply for should be stated.

• The course you are applying for should be a full time course and if half time, your college should recognize it.

• If your parents are financing you then they need to show the annual income of the family. Credit rating of the parents is also a must.

• If you are military personnel then there are concessions and scholarships available. Now-a-days all information is available on the internet. Check everything online.

• Also if you are ready to serve in rural areas or with the Military after completing your education, then your student loan can be waived. Not only that you will be given grants and scholarships to pursue your higher education.

• The Federal government has come up with various schemes and methods to encourage youngsters to get into college as knowledge is the only key to success.


Source by Nick Samuel

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