Understanding a Student Loan Application
A student loan application may be one of the first opportunities many individuals have at
applying for a loan and the prospect can be daunting. By understanding what information will be requested of you in
order to complete your loan application and the process by which your application will be handled; you can be
better assured of receiving a student loan to help with your education expenses.
One of the most important factors regarding student loan applications that prospective
borrowers should understand is that in order to apply for and receive any type of federal student aid, students and
their families will need to complete what is known as the Free Application for Federal Student
Aid. This is commonly referred to as the FAFSA.
While the many different federal student loan application programs are processed and serviced
through numerous lenders and banks; all applicants must still complete this application.
Here are a few important facts regarding the FAFSA that you should know:
- FAFSA applications must be received between January 1 and June 30th in order to be
considered for the next academic year.
- Applications received after Midnight on June 30th will not be considered. A new application will need to be
submitted for the next academic year.
- Applicants will need to provide information regarding income and income tax in order to complete the
Furthermore, the FAFSA is used to determine the amount of money that an individual and their
family can be expected to contribute toward the cost of the student’s education. This amount is known as the
Expected Family Contribution and plays an important role in the amount of money that a student may
be able to receive in financial aid, including loan amounts. This amount is deducted from the cost of attendance of
the student’s selected school and the amount that is remaining is typically the amount of money that the student
will be eligible to receive in financial aid and loans.
Students do not need to complete a FAFSA for private loans; although they will need to complete
whatever student loan application each individual lender requires.
For more information about help in completing a student loan application, please visit
*Student loan without a
cosigner action plan.