Ready to apply for a student loan? Understanding the process
No matter how much your family earns and how substantial your assets, you qualify for an unsubsidized Federal Stafford Loan.
Image of a student on computer
The many benefits of the federal Stafford loan program, including attractive interest rates and deferred payments, are yours for the asking.
Your first step in applying for a federal student loan is to understand what’s involved. This section walks you through the process.
Completing and submitting the Free Application for Federal Student Aid (FAFSA) is your starting point for applying to most student financial aid programs.
Based on the information you provide on your FAFSA, the government estimates how much your family can afford to spend on college costs, known as the Expected Family Contribution (EFC).
The government sends you a SAR, summarizing the information you provided on the FAFSA and indicating your EFC.
If you've applied for financial aid at the schools where you've been accepted, you will find out how much financial support the school is offering by an award letter.
The FAFSA begins the federal financial aid process. If your award letter includes a Stafford loan, you need to complete the application process.
You've applied for the loan, it's been approved, and you've signed the promissory note. Find out when the loan proceeds are sent to your school.
Don't miss out
Many families lose the opportunity for federal aid because they didn't apply, mistakenly assuming they do not qualify. Don't let this happen to you.
Many families miss out on grants and subsidized loans, but all students are entitled to an unsubsidized federal Stafford loan and the advantages that come
with it.
