Apply For Student Loans

The most important student loan is the one with lowest interest rate.

In case you are not sure where to start with student loans, use our Financial Aid WIZARD

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Below is a list of things you should try to achieve before you Apply for a Student Loan. The list should not be used in any particular order, but performing steps below will get you closes to paying for your college.

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This is your start. You could use our tool How Much For College and figure out the entire cost of your education. This includes everything: tuition, books, living expenses if living outside of your home, extra unexpected expenses that may come up, and anything you can think of related to your education. That is your bill. Now go and estimate how much money you have for college. This includes your savings you want to use for college, grants, scholarships, gifts and other money you have.

Take the money you have for college and subtract from the entire cost of your education (your bill). If you answer is positive (cost - money for college = missing money) then you need to borrow money as you came short. The answer from the equation above is how much you need to borrow.

First you apply for what we call free financial aid. That includes: Scholarships, Grants, Federal Work-Study Programs and any form of financial aid you do not have to repay. This will eliminate borrowing money that you could get for free.

Student Loans is a form of financial aid that has to be repaid. Someone is lending you money hoping you will pay it back with interest. In order for the lender to be comfortable with lending you money they require you to have a good credit history. Good and long credit history is not an impossible task, but it requires some work and time, just like a good wine.

Check Your Credit History

Students can start building their credit history before college right in High School. The first step in doing so is to open up a Bank Account. Lenders almost always ask if you have a checking account. This is the base. After you get your banking accounts in order you should apply for Credit Cards.

Credit cards will start building you credit history from day one. Make sure to get no more than 4 credit cards and try not to use them too much. Keeping your balance above 80% will look very good on your credit report.

No one talks about this option, but it's a very smart idea to use your parents when borrowing money. They could borrow money using Federal Parent PLUS Loans or some other type of loan they could get. This approach will make you stay "clean". Your credit history will not be affected if your parents default. You will not be over leveraged if you apply for other loans later on.

At this point if you have done all of the above and you know that Student Loans is the only option you need to figure out which loan and which lender. There are at least three types of loans: Federal Student Loans, Private Student Loans and Peer to Peer Loans. They offer different terms and different repayment options. In order to compare them please visit our Compare Loan Types page.

The first loan type you have to go after is Federal Student Loans. They have the most flexible repayment option. Some of them do not have to be paid back as loan forgiveness is possible. Loan forgiveness will depend on many factors. Apply for Federal Student Loans and wait for the result. If you receive what you needed you can pay for school and you're good to go. If you did not receive anything or if the money you borrowed is still not enough apply for Private Student Loans and Peer to Peer Loans next.

Private Student Loans and Peer to Peer Loans are a good option, but this money has to be repaid. There is almost no way to have the loans forgiven unless someone will take back services as oppose to money.

Research the lender you're going to use. See what the feedback is from students dealing with the lender.

Another thing for you to consider is your ability to pay back. It is easy to take one, but paying it off could be a problem for some. Do a good research on how much you will be making when you graduate from school. Try to gauge if the salary from your job will be enough to pay of the loan and support you and your family.

Interest rates on loans is another important factor to consider. Try to find the lowest interest-bearing student loan you can find. If possible, apply for a Federal Stafford Loans - Subsidized. That loan does not accrue interest while you are going to school.