Everybody knows that the cost of studying at college is crippling for most families. It is very often far beyond the ability to pay of most ordinary people, so they look around for alternatives. These alternatives may include getting a job or getting a student loan. In most cases, the student loan is the alternative, which is selected by most students. When you are looking at the different types of loans you can apply for, you should find out about the federal application for student aid too.

Privately funded loans will provide you with an improbably large amount of money to pay for the four years of college tuition fees and all the other expenses you will have, they may prove to be more than you can afford to repay at the end of your college course. However, the federal application for student aid FAFSA on the other hand will provide you with repayment options you can cope with.

Before you pick a federal application for student aid form up, you should discuss the details you will find there with a professionally qualified person. You will also need to calculate if you are able to pay for the student loan.

The amount of money that you draw down for your education will be debited to your account during the entire period you are attending your selected college or university.

You will see that there are several different types of federal aid, although these are probably the student loans that you have probably already heard of. Of these, the most well-known one is the FAFSA financial aid scheme, but you can also get financial aid from the Federal Stafford Student Loans program.

The details of these programs and how they can possibly assist you will be provided elsewhere on this website and you will be able to access the federal application for student aid forms for these programs on the Internet too.

These application forms are available both in an online version and a hardcopy. You can get the different federal applications for student aid forms from various places like your local library, high school and the financial aid office in most colleges and universities.

All the information you get bundled with these forms is helpful for when you have to repay the student loan for your college or university education. There are no application fees for using the federal application for student aid.

You should, however, realize that you may not receive financial aid for the year that you apply. But don’t worry too much since you will always have another chance of getting the financial aid you need the following year.

These days, with the cost of living going up so quickly, it is important that your education doesn’t suffer. There are many great financial aid programs that you can apply for financial help from. Of these programs you should look into applying for a federal application for student aid. The financial assistance you want is really not that far away.

If you are interested in Federal Application for Student Aid, please come to our website, which has lots more information on Student Loans

Student Loan FAQ

FAFSA

Where do I get an Application form for FAFSA?

The form is now available on-line here: www.fafsa.ed.gov. You are now encouraged to apply online, however if you would like to send a good old fashioned paper version of the form and you can still do so. You will need to contact your high school guidance or financial aid office for your paper form.

My parents are divorced, whose income should I put on the form?

That of the custodial parent. If your parents have joint custody, you need to state the income of the parent you lived with over the previous year. If the parent has now remarried you now also have to include the spuses income.

Stafford Loans

I want to apply for the Federal Direct Stafford Loan, can I?

You will need the Free Application for Federal Student Aid (FAFSA). This form tells your college whether or not yo9u are eligible for a loan . Once you have found out if you are eligible for the Federal Direct Stafford Loan, you then need a Direct Stafford Loan Master Promissory Note (MPN).

What is the maximum I can borrow?

Dependent student maximum is $5,500 as a Freshman, $6,500 as a Sophomore, and $7,500 as a Junior and Senior. Independent student maximum is $9,500 as a Freshman, $10,500 as a Sophomore, and $12,500 as a Junior / Senior.

Your School Record

Can I change it, what is it?

This is your official high school record. It contains a list of most of your courses and grades with an explanation of the school grading system or scale as well as a list of the school course offerings.

You need to find out with your school counselor how to send your transcript out to potential colleges. There will be a small charge for sending them out, make sure that you allow enough time to get them posted off.

What do I do if I was home schooled? I have no student record.

The typical testing is different for the homeschooled: you will have to show a portfolio of your work and college credits earned before applying. Make sure you check with the colleges you are applying to first so you follow their procedure.

Student Status

Am I an independent student?

You should be classed as an independent student if you are any of the following:

Over the age of 24

Have graduated

Be Married

Have children

A War Vet

If you are unsure then go to your local education authority. It is recommended that you speak to your local authority and get as much information as you can for your circumstances before applying.

Am I allowed to get other loans?

Are there other loans I can apply for?

You could apply for a Private loan. You may need a guarantor or cosigner to secure a private loan. Make sure you do your research.

Can my parents get me a loan?

Yes, for dependants and undergraduates your parents could apply for the Federal Direct PLUS Loan.

What can I borrow if I study abroad?

Depending on the college you are planning to attend, you could apply for a Federal Student Loan. Many colleges abroad participate in both the Federal Direct Stafford Loan program and the Federal Direct PLUS Loan program.

How regular do I need to apply?

Do I need to apply for financial support every year?

Yes

Do I need to complete a Master Promissory Note every year?

These forms are usually okay for 10 years. However, if you change your circumstances or school, please check and make sure.

Want to find out more about Student Loan Consolidation, then visit Jane Titley’s site on how to choose the best Student Loan Consolidation for your needs.

Schedule your life:

Try and stick to weekly and monthly budgets.. This can really help as you will see how much money you are wasting and encourage you to only buy essentials. Have a look at the Student Money Saver Budget Calculator to help you plan your budget.

Plan your meals ahead:

Organise a weekly schedule for food with your flat/house mates. Use recipe ideas from supermarkets – Sainsbury’s “Feed your family for under a fiver” is fantastic.

Don’t use money you don’t have:

Try and stay out of debt as an overdraft is not “free money”. Once you are in the red – it’s very difficult to get out of it, so try not to use it for as long as possible.

No cards out drinking:

Try not to take your debit card everywhere with you especially if you are going out drinking as it is very easy to be more frivolous with your card.

The Student discount cards, NUS Card and NUS Extra:

To start saving with your new NUS card, you will need a photo, enrolment documents and 10.00. McDonalds offer free Medium Fries when you buy a Big Mac or Chicken Sandwich, Superdrug give 10% off when you spend 10, Alton Towers, Amazon, La Senza, Warehouse and loads more. Always ask about student discounts in the high street shops, restaurants and even online. Visit the NUS website for more information.

Visit your library:

Always visit your library as it is a great place to rent free films. If your university has good Arts courses, they will probably have a great range of films on offer, or you could visit your local library which you will find on DirectGov.

Buy big:

If you are living in a house with other people, you can save a lot of money by buying essential items in bulk i.e. toilet paper, pasta and washing powder – you will save loads of money this way.

Start to cook:

Always look out for own brand food at the supermarket as it is a lot cheaper. Also look online as there are loads of free recipes – try typing in the ingredients you have and see what ideas come up. Get a scrap book for all your favourite recipes.

Make lunch at home:

Try making lunch at home instead of going out – it will save you loads of money! You can also make your own hot drinks and put them in a flask.

The Bitecard:

When you travel by train, you will need a BitCard to use at the station. You will get money off burgers at BurgerKing and baguettes at Upper Crust and many more offers. Visit the BiteCard website to find out more!

StudentMoneySaver.com helps students save money by providing impartial advice on topics related to student finance. Get to know how to manage a student loan, find the best student offers and discover which brands that got student discounts.