When do you start applying for federal loans?

Paying for College
1

<p>I'm planning on paying for my freshman year of college with loans.</p>

2

<p>To be eligible for federal student loans you must complete FAFSA. Your school will then put together a FA award, which will include Federal loans you are eligible for. Once a school has awarded you the loans, you must do online counseling and complete a master promissory note online. The loans will be disbursed to your school. A dependent freshman is eligible for $5500 in federal direct direct loans (total aid including loans can not exceed the school’s COA). Will that cover the cost of whatever balance you owe for your freshman year?</p>

<p>Are you going to college this year? Or are you asking for next year? If you are going this year, do you not already have your FA offers?</p>

3

<p>^ I am going to college this fall</p>

4

<p>The school you are going to should have the loans included in your FA award. Submitting FAFSA was you basically applying for them. As said above, you will have to complete online loan counseling and a master promissory note. Your school should have the information available on how to do this.</p>

5

<p>Note you must do a new FAFSA every year. You can do it as early as January 1 for the following Fall semester. Some schools base some awards on the FAFSA and run out of money for people who do the FAFSA late. The best thing to do is fill out the FAFSA in January of each year using estimated numbers. Then, once your parents file their taxes, update the FAFSA. FAFSA expects this. It is not illegal or anything. If you have yet to do a FAFSA for this Fall semester, do it now.</p>

6

<p>Has your college sent you any information on loans? Even though we did not apply for financial aid, the colleges always included information sheets on the available federal loans. THere should be something that will send you to the Direct Loan government sites. You are eligible as a freshman for $5500 in Stafford loans. If you have unmet need, some of that may be subsidized. Your parents may apply for up to the COA of the school, but they have to qualify via credit check. </p>

<p>Have you already completed FAFSA? For the loans the PINs used for FAFSA will be needed. You might want to start getting things set now.</p>