We will need to take out a Stafford loan for our son. He landed a full tuition scholarship but we still need to pay for fees and room and board and have a junior in Catholic school we are paying for. How does the loan work? Does it go to the college to pay for costs or to the parent or student? What if you take out the loan but find you don’t need all of it? Sorry these questions are so elementary but first time for this.
@artie1 did you file a FAFSA? That is the first step. Once your FAFSA is completed and processed…and submitted to the college your son is attending, he is able to take out the Direct Loan amount. He just needs to ask the financial aid office about it. They will award it, he will accept. And then he needs to complete the master promissory note for the loan.
It is in his name only.