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| Applying for a Student Loan |  When it comes to applying for college one of the first things you should do is applying for a student loan. The student loan application is free, without obligation, and the amount you qualify for can help you decide which college you will attend. You can apply for a student loan up to a year in advance as it takes longer than most people think to line up all of the pieces necessary to start college. If you haven't determined on a school, there's no reason to wait to apply for a student loan. The student loan application simply lets you know how much funding you are qualified for and allows you to apply that amount toward the school of your choice. The process of applying for a student loan is similar to getting pre-approved for a home loan and then shopping for a house. Once you qualify, you have a particular amount of time to apply the student loan before applying for another.
An overview of the student loan application process
If the amount of the student loan you'll be eligible for will be a deciding factor in the school you select, follow this process guideline:
1. Apply for a student loan online for quick turnaround.
2. Use the Ed-Loans Wizard to compare the total estimated costs of colleges you're considering.
3. Choose to get your student loan award letter electronically to figure out the amount of funding you're eligible to obtain.
4. Apply for colleges within your price range. If early enough in the process, apply to your top 2 or 3 colleges and wait to hear back to save on college application fees.
5. Come to contact with your student loan provider and fill out the form letting them know which school you'll be attending.
6. For schools that propose Direct Loans, your student loan check will be sent directly to your school. Once the school receives the student loan check from the lender, they deduct any money owed to the school such as tuition, housing, fees, and meal plans, they give you a check for the remaining balance to spend as you see fit.
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