For students who are interested in getting federal financial aid, there are many important things to be aware of. Not everyone is eligible for this benefit, and there are some requirements to be aware of.
In this article, we’ll focus on the requirements of federal student loans and discuss other helpful information you’ll need to know before applying.
If you fit all the above criteria – congrats! You are one step closer to receiving federal student aid and paying for your education using a fixed rate loan from the federal government.
Next, you’ll need to understand the types of federal student loans available. And generally, there are two types of federal student loans: subsidized and unsubsidized loans.
These loans are granted to students who have fulfilled all of the federal loan requirements and are able to demonstrate dire financial need. Students that are granted this kind of loan do not pay interest while in school, this interest is covered by the federal government.
An unsubsidized student loan is for students who are unable to show financial need. This loan begins accruing interest as soon as it is taken out and the federal government will not cover the interest charged on the loan.
The federal government recommends completing your FAFSA form as soon as possible after October 1st during the year before you plan on attending college. For many this is during 12th grade, but if you are planning a gap year, then you should wait until Oct 1st of your gap year in order to apply. So be sure to apply early and have the necessary documents in order to complete your application in a timely manner.
In short, no. Getting a federal student loan is one of the easiest loan processes out there. As long as you are eligible and have fulfilled out all the criteria, you should have no problem applying for and receiving your federal student loan.
Joe Schwartz | Loans Editor