Online College Loans For You

Have you always ever had the need for a loan? Well in this article I will be speaking to you about the US Department of Education loans.

The US Department of Education focuses on all government aid for those who need financial help to go to college. This department is known for being extremely strict with its proceedings on loan application. You’ll have to be prepared and have all the information prior to applying for a loan. Otherwise you’ll be searching around for forms, and trying to collect all the documentation that you need over and over again. However it is worth it once you complete everything.

The Applications:
When you want to apply for a Federal Loan, you’ll have to fill a form. This form is known as Free Application for Federal Student Aid Form otherwise known as Fafsa. With these forms you’ll have to include a lot of personal and family information that’s necessary for the goverment to consider your application and to calculate the amount of money you’ll be able to request.

With this information supplied to them, that will be thoroughly checked, the department will come to know with how much money the applicant’s family will be able to contribute to his/her education and what the total amount of money he will need. The difference between these numbers will usually be the sum the applicant will be able to request to the department of education.

Qualifications:
These loans do have specific requirements you’ll need to meet in order to get approved. If you fail to meet any of these requirements you’ll probably get declined. However, don’t despair as if you contact the department they’ll probably help you solve the problem. Following is a list of the most significant requirements:

1) US Citizenship

2) Valid Social Security Number

3) Feasible financial Need

4) Eligibility for Higher Education

5) No Defaults or Bankruptcy in credit report

6) No Convictions

7) High Grade Point Average

Different Options
When it comes to the US Department of Education Aid, there are at least three possibilities that can be taken into account: Federal Grants, Student Loans and Student Work Programs.

Grants are basically financial aid that doesn’t have to be paid back, the requirements for this type of loans focus on financial need and inability to obtain finance through other means. Usually, grants are processed on a first come – first served basis.

Student Loans have been explained in the above paragraphs and differ only with regular loans in the length of repayment and interest rate charged that tends to be significantly lower.

Student Work Programs means that the applicant will be working for certain government agencies in order to pay for his education. The job will only take a couple of hours or if a full time job, only part of the salary will be deducted towards the payment of college.