If you have been looking for information about loans, you have probably heard of Department of Education loans. In this article, we'll talk about these kinds of loans.
The Education Department of the US
Most of the money that the government gives to people who need money to go to college goes through the US Department of Education. This department is known for being very exact and strict about how loan applications are handled. Before you apply for a loan, you'll need to be ready and know everything you need to know. If you don't, you'll have to look for forms and try to gather all the paperwork you need over and over again.
The Submissions
If you want a Federal Loan, you will need to fill out a form. The Free Application for Federal Student Aid Form is the name of this form (A.ka. FAFSA). You have to put a lot of personal and family information on these forms so that the department can consider your application and figure out how much money you can ask for.
With all of this information, which will be checked carefully, the department will be able to figure out how much money the applicant's family can put toward his education and how much money he will need in total. Most of the time, the applicant will be able to ask the department of education for the difference between these two numbers.
Qualification
If you want to get one of these loans, you'll need to meet certain requirements. If you don't meet any of these requirements, it's likely that you'll be turned down. But don't give up, because if you call the department, they'll probably help you figure out what's wrong. Here are some of the most important requirements:
- No Guilty Pleas
- Credit report shows no defaults or bankruptcies
- Being a US citizen
- A real need for money
- Social Security Number that is correct
- A high average grade
- Qualifications to go to college
Different Options
There are at least three options for getting help from the US Department of Education: Federal Grants, Student Loans, and Student Work Programs.
Grants are a type of financial aid that you don't have to pay back. The main requirements for this kind of loan are that you need money and can't get it any other way. Most of the time, grants are given to the first people who apply.
Student loans are different from regular loans only in the length of time it takes to pay them back and the interest rate, which is usually much lower.
Student Work Programs imply that the applicant will be working for certain government agencies to pay for his education. The job won't take more than a few hours, and if it's a full-time job, only a part of the pay will go toward paying for college.
