To apply for federal student aid, first complete and submit the Free Application for Federal Student Aid (FAFSA®) form. Based on the results of the FAFSA form, your college or career school will send you a financial aid offer, which may include federal student loan(s).

What is the first step in applying for student loans?

How to apply for student loans

1. Step 1: Before applying for a student loan, exhaust all other financial aid.
2. Step 2: Understand your student loan options.
3. Step 3: Gather all your financial information.
4. Step 4: Complete the FAFSA.
5. Step 5: Submit a CSS profile for institutional financial aid.

What are the 4 types of student loans?

There are four types of federal student loans available:

• Direct subsidized loans.
• Direct unsubsidized loans.
• Direct PLUS loans.
• Direct consolidation loans.

Is FAFSA first come first serve?

You should fill out the FAFSA as soon as possible after it opens — even if you don’t think you qualify for aid — as some aid is first come, first served. The FAFSA application is open for about 20 months, and you can receive money for a school year retroactively.

Can I get student loans without FAFSA?

Even those with little to no demonstrated need can be eligible for student loans, so officers encourage everyone to apply. Without the FAFSA, you won’t receive any federal loans, scholarships or grants. Be in good standing with federal financial aid.

What is the most common student loan?

A Quick Guide to the 4 Most Common Federal Student Loans

• Perkins Loan — 5 percent fixed interest rate.
• Direct Subsidized Loan — 4.66 percent interest.
• Direct Unsubsidized Loan — 4.66 percent for undergrads, 6.21 percent for grads students or professionals.
• Direct PLUS loan — 7.21 percent.

How much money can a student qualify for with a Cal Grant?

Cal Grant students attending a University of California, California State University, or California Community College campus who have dependent children may be eligible for an access award of up to $6,000.

Should I apply to college or FAFSA first?

You should apply for admission to the colleges you are interested in BEFORE filing your FAFSA. Once you are accepted to the colleges you have applied to, you can add those schools to receive financial aid award offers from when you file your FAFSA.

How much does it cost to file the FAFSA?

The FAFSA is free to apply, but not all the aid you receive is free. Grants, scholarships and work-study do not need to be repaid, but federal student loans do. The CSS Profile costs $25 to submit for one school. You’ll pay an additional $16 per school if you’re applying for aid elsewhere.

How soon should I apply for FAFSA?

In order to receive the highest amount of aid, you should submit your Free Application for Federal Student Aid (FAFSA) as soon as possible as of October 1st of the year before you will be attending college. This is because most colleges award some kinds of aid on a first-come, first-served basis.

What do you do if you can’t afford college?

7 Ways to Pay for School if You Can’t Afford College

1. Fill out the FAFSA.
2. Apply for Grants.
3. Search for Scholarships.
4. Consider a Work-Study Program.
5. Pick a Different School.
6. Commute to College.
7. Explore Student Loan Options.

What is the maximum income to qualify for financial aid?

One of the biggest myths about financial aid is that you shouldn’t apply if your family makes too much money. But the reality is that there are no income limits with the Free Application for Federal Student Aid (FAFSA); any eligible student can fill out the FAFSA to see if they qualify for aid.

Is Sallie Mae a federal loan?

All new Sallie Mae loans are private. But if you took out a Sallie Mae loan before 2014, it might have been a federal loan and is likely now serviced by Navient. Sallie Mae started off under the federal government and provided loans through the Federal Family Education Loan program, or FFEL.