The best and most effective way to get your student loan is
through your college or university of choice. Most people don't
realize many important factors on how to get student loans.
Student loans have been in the news lately for several reasons.
One is the law that passed back in 2010 that included a revamping
of direct student loans from the government. The other big news
item on student loans was discussing the huge increases in college
tuition and costs in the last couple of years and if it is still
worth the huge costs.
Some colleges and universities have raised their tuition up to
30% in the last 2 years alone. Since the cost was already high,
this is having a huge impact on new and current students. Student
loans and financial aid is even more critical now the prices are
going up. And many new students don't know how to get student
loans and financial aid that maximizes their overall ability to
afford college.
Be aware that every college and university can offer different
financial aid programs and packages. Student loans are just one
element to the overall financial aid. Government subsidized
student loans have a maximum amount (you can see these current
amounts in this article here: Direct
Student Government Loans). Depending on the school you choose,
here's some current tuition and fees average costs:
- State or Community College two-year schools cost on average of around $2,713 per year for tuition and fees.
- Four-year private college cost on average about $27,293 per year for tuition and fees.
- Four-year public college costs will average around $7,605 per year for tuition and fees (students who are residents, non residents can pay an addition $12,000).
Keep in mind that these averages are based on 1000s of schools
and if you are planning on attending a big name school the costs
will at least triple if not more. These costs do not include
living expenses which can be considerable (books, living quarters,
food, transportation, etc.) depending on the school. Books alone
are averaging over $1100 per year.
Always do a little research and find out the real costs for the
school of your choice. This is important since each school may
offer different amounts of financial aid (including the student
loan amount). As an example one college may offer good size
scholarships on tuition depending on your choice of study or other
factors. Cost of local housing (living expenses) may be much less
than others or subsidized by the school. Knowing your true overall
college costs is important.
OK, you've done your research and chosen 2-3 good schools that
match your financial and study requirements. Your next step is to
go fill out the Free Application for Federal Student Aid (known as
FAFSA). You can get this online or at any College Financial Aid
office. If you need help, pick one of the schools you have an
interest in and go to their Financial Aid Office. They will be
more than happy to help with any questions you may have.
When you fill out the FAFSA you will list your choices for
college and they will provide this document and appropriate loan
information to each school you list. Then each school develops an
individual financial offer. It's up to you to review each of these
different offers to determine your best choice. Other factors come
in to play such as grants, scholarships, part-time job
opportunities, discounted living costs, and etc.
So the bottom line on how to get student loans is start with
doing your research on possible colleges, fill out the Free
Application for Federal Student Aid that lists your best choices
of schools, and review each college's financial aid offer. A
couple of caveats, this can take up to several weeks so don't wait
until the last minute. Follow through on everything from requests
for information, double check any information provided by you on
your application.
