Federal student Financing, also known as government loans, enables students and parents to borrow money or fundings for studies directly from the federal government.
Federal student Financing, also known as government loans, enables students and parents in the country to borrow money or funding for studies directly from the federal government.
The types of federal student loans, include:
These federal student loans are available through the Federal Direct Loan Program. Since federal loans offer different benefits than private student loans, you should always try them first.
Know more about the three types of federal student loans:
Applying for federal student loans is totally free. All you need to do is complete the free application for Federal Students Aid (FAFSA) . In addition to determining eligibility for federal student loans, the FAFSA also determines whether you may qualify for other federal student aid like grants and work-study. You need to submit the FAFSA, every year you’re enrolled in college to receive federal student aid.
The easiest and fastest way to file the FAFSA and check your eligibility for federal student loans is online. Your application will be processed within 3-5 days. You can also send a mail in a paper application, but processing it will take about 7-10 days. Submitting the FAFSA is totally free.
What happens after you submit the FAFSA
After you submit the FAFSA, a Student Aid Report will be sent to you by the government which gives you basic information about your eligibility for federal student aid. The colleges you included on your FAFSA will have access to this information, and they’ll use it to determine the amount of federal student loans, grants, and work-study you may qualify for.
The colleges you’re accepted to will send you a financial Aid offer detailing the financial aid you are qualified to receive, including federal student loans, grants, and work-study.The amount of federal aid you receive from each school might change often, just as the cost of attending each school varies.
Graduate students may qualify for aid from these federal student aid programs:
To find out if the school you’re interested in participates in the federal student aid programs,you can use a college search tool hosted by the National Center for Education Statistics.
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