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How Do I Apply for a Loan?

Students who want the option of taking out a student loan must submit the Free Application for Federal Student Aid (FAFSA®) form. Your college bases its financial aid offer on information in the FAFSA form, and their offer may include federal student loans. You can choose to accept the offer or deny all or part of the offer. ( 4)

What To Do When You Have Surpassed Your Lifetime Loan Limit

For some college students, tuition and costs associated with attending school exceed the total amount they are allowed to borrow. There are three main ways that college students can handle expenses that exceed student loan limits:

Maximize your ability to get grants and scholarships, and tap savings before you take out loans. Talk with your financial aid office to identify sources of funding that check here you may not have previously known of. Ask about merit-based aid and institutional need aid. Find out whether you can get on a payment plan to take care of some of your tuition costs. Limiting your debt early in your college years can help you avoid reaching your lifetime loan limits before you finish school.

If it costs more to attend school than you can cover with direct subsidized loans or direct unsubsidized loans, parent PLUS loans and grad PLUS loans may help bridge the gap.

Borrowers who received loan funds on or after , pay 5.3% interest, which is much higher than the 2.73% interest rate on graduate loans and the 4.3% rate on direct loans for undergraduates.

PLUS loan borrowers must have good credit, as defined by the Department of Education (DOE). Undergraduate students can’t access PLUS loans without help from their parents. Many parents may be unable or unwilling to take on debt to pay for their child’s education.

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