You may need a student loan to fund your studies abroad but doesn’t know how or where to apply for one; sit back and let us take you through the processes step by step.
There are two types of student loan; federal and private. Your method of application depends on the type of loan and the kind of student. If you are a full-time student, you can’t apply the same way a part-time student does.
Here is how to apply for a federal student loan if you are a full-time student
- You need to estimate how much you will need to complete your studies
- Check to be sure if your school is eligible for such funding
- Fill the free application for federal student aid ( FAFSA ) form
- You need to select the school you want to attend and your study period
- Complete an entrance counselling so as to make sure you understand that you must repay the loan with interest
- You must sign the terms of loan agreement form
- Contact your school’s financial aid office so as to know their specific procedure
- You can receive up to $510 per week if you have kids your are taking care of, if not, you may be eligible for $320 per week maximum loan amount
If you are applying as a part-time student follow these steps
- Get admission first into your school of choice
- Fill the part-time FAFSA loan form
- Take it to your school to fill your study information section
- They will now forward it back to the loan organization
- In some loans you can be required to provide proof of residency
- You must present evidence of admission
- The part-time loan does not limit you on the number of weeks you need to apply before your program ends. It can continue over extended period but your principal and interest may not exceed $10,000 at any given time.
Eligibility for federal student loan
- You must be enrolled in a school depending on the type of federal student loan
- You must meet certain income level or credit score if you have dependent children
- You do not need a cosigner
- You must present all required documents
You need to apply latest 6 weeks before your study program ends as long as you meet all requirements
You can also apply before you resume studies.
Note; you don’t need admission letter before you can apply for a student loan but you will need it before the money can be paid into your account.
What happens after application
- Your application will be assessed
- You will be notified how much you are eligible to get if you fulfill all requirements.
- You can track your application status online
- If you don’t receive funding, you can appeal your assessment.
How to apply for a private student loan
- You need to fulfill all requirements
- Fill the online application form with or without a cosigner
- Provide required documents
- You will need to sign the slf-certification form; your school can also be required to sign inorder to
- verify the amount you need to complete your studies.
- You and your cosigner must sign the consumer credit agreement.
- If you are eligible, your student loan will be sent to your school’s financial aid office before it can get to you.
- Allow yourself enough time to apply
- Private student loans can cover tuition, living expenses, accommodation etc.
- You can track your progress online using the company loan tracker platform.
Requirements for private student loans
- School information / admission status
- Social security number
- Permanent resident address
- Employment and income information of the borrower or cosigner if application.
- Cost of attending the school and studying and how much funding you need.
- You will need a cosigner if; You are a minority- age limitation; You have temporary residency in the country ; You can’t meet the income requirement for private student loan applicants