FAFSA Application
Most people going through the loan application process ask, "How do I begin?" It all starts with the most important application you may ever complete: the FAFSA application.
Apply for Student Loan
To apply for most federal student aid grants, loans or work-study programs, you must complete a Free Application for Student Aid (FAFSA). You can submit your FAFSA through U.S. mail, but because it's easier and faster, it is highly recommend that you apply online. Electronic forms take days to process, while paper forms can take up to six weeks. FAFSA on the Web also instantly identifies and corrects potential application errors. The FAFSA requires information about income, tax records and mortgage statements to determine how much financial aid you need to help to pay for school.
To apply for FAFSA online, go to www.fafsa.ed.gov. You will need information like your Social Security number, your parents' Social Security numbers (if you are applying as a dependent student), tax records and W-2 tax forms. You can apply to up to six schools online.
Get Your PIN Before Completing a FAFSA
To fill out a FAFSA form online, you will first need to obtain a PIN (personal identification number). If you are a dependent student, your parents should request a PIN also, so you can both electronically sign your FAFSA on the Web before it's submitted. You should get your results much faster that way. To get your PIN, go to www.pin.ed.gov.
Apply Well Before the Deadline
According to the official FAFSA Web site, the time period to apply for aid is between January 1 and June 30 of the upcoming school year for which you will be enrolled. Aid is awarded on a priority basis, so complete your FAFSA as soon as you can. Remember that you'll need to resubmit a FAFSA for each school year. Your school may also require additional forms, so you should always check with your school's student aid office.
Student Aid Report
A few days after you submit your FAFSA online, you will be e-mailed your Student Aid Report (SAR), which summarizes the information you provided on your FAFSA. Your SAR is a very important document because it outlines your Expected Family Contribution (EFC), which state agencies and colleges use to determine how much financial aid you receive. Come spring, schools will start mailing out award letters indicating the amount of aid and the types (loans, scholarships, etc.) for which you qualify.
next page
Now that you know all about applying for federal loans, learn about Federal Student Loan Disbursement and find out how you will get your money.