10 Steps to Being Approved for My College Loan

By Susan - Thursday 4 Dec 2:17 pm

Selecting to apply for a college loan is a responsible direction to choose and one that requires a certain degree of personal initiative. Once you have crossed that bridge and are opting to apply for your college loan, then the steps to having it approved are fairly simple. Not much effort will be required on your part, but it is important to carry out all the steps and to understand the process of college loan approval. Provided you have no drug convictions against your name, and do not presently owe any money on a college loan, then you can proceed further with your application.

These 10 steps to being approved for your college loan will help you to identify with the procedure taking place that could unite you with the future that you always dreamed of.

1. You will need to be applied to your college before you can apply for your college loan. You don’t, however need to have been admitted to the college, but will need to have admission to receive approval for your college loan.

2. Determine your dependency status by completing the Dependency Status Worksheet on the Free Application for Federal Student Aid website on www.fafsa.ed.gov.

3. Confirm or investigate the school code that is applicable to your college so that you are positive you have the correct information before applying for your college loan. Some codes change from year to year.

4. For federal loans you will need to apply for a pin on the www.pin.ed.gov website that will give you access to your college loan specifics and allow you to make binding legal obligations.

5. For federal loans you will need to fill out the Free Application for Federal Student Aid (FAFSA) eligibility form to verify whether or not you may apply for a college loan through federal means. This can be located at www.fafsa.ed.gov

6. You will need to have your social security number, high school diploma or equivalent and your parent’s tax information in your possession to submit for application. For private college loans you will need to submit all the requirements for a credit check. These may vary from one institution to the next.

7. When submitting your FAFSA form for application to your college loan ensure that you print out your confirmation report as it includes a confirmation number and the date and time that your application was received.

8. Submit your application for a college loan, no earlier than the 1^st of January and no later than the 30^th of June of the year you are applying for entrance, although some colleges may have different dates for applications so you should check this with the relevant college.

9. Try and apply early enough so that there are still funds available to supply you with a college loan.

10. Follow up by logging into the FAFSA website using your pin for federal loans to check the status of your college loan application. For private loans, each institution will have their own methods of communicating for you to be able to gauge progress on your college loan application.

Posted in: College Degrees, College Loans

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