Finding and Applying For Government Student Loans

Many students first consider federal government student loans when looking for money to continue their educational program.

Most students will first, of course, look for the so called "free money" that is provided in the form of scholarships, grants or bursaries or even through businesses that will partially pay for a student to get a degree in return for a commitment of future employment for a contract term.

The loans can possibly be the Perkins, Stafford, or even the PLUS parental loans, which may either be unsubsidized or subsidized.

Subsidized loan interest doesn't start accruing until after the grace period after graduation. Therefore if a student borrows $20,000 over 4 years, at graduation he or she will owe $20,000.

Unsubsidized student loans will have interest charged while the student is in school, regardless of if the student wants to decrease future loan payments by paying the interest while in school.

Students may or may not qualify for subsidized loans depending on their resources and their current financial means and needs. Applying for government student loans is very simple and many applications can be completed from the comfort of your own home using the computer.

The first step is to complete a FAFSA or Free Application for Federal Student Aid. You can determine your eligibility for FAFSA online by answering some simple questions and submitting an application. This application will let you know if you need to have parental consent to continue with the application and will also provide you with a set of worksheets that will allow you to determine what amount of government student loans you are eligible to receive.

You will then fill out the FAFSA online or print out the forms, complete them and return them to the address provided. Your online signature can be created as a PIN (personal identification number) which is used on any documents you have to submit.

Before submitting your application, you can answer the questions and even double check to make any corrections that need to be made after saving your application. After the FAFSA is processed you will receive a SAR or Student Aid Report. This information is available online for government student's loans using the same PIN number and website as the FAFSA application.

Schools that you have listed on the form will also have access to an electronic copy. Corrections and additions can be made to the processed SAR online by simply using your PIN to access the site.

Struggle to get approved for a Student Loan? Learn Useful Tips on Student Loans. Visit our Student Loan Guide.