04.20.07 | Wait for the Financial Aid Award Letter!
One of the common mistakes that students and parents make is not following the correct process for obtaining their loans. When it comes to financing your education there is nothing fast or simple about it, but, the process can go a lot smoother if you follow the following steps.
1. Fill out the FAFSA
2. WAIT for the award letter from your school’s financial aid office
3. Apply for a Stafford Loan
When applying for financial aid, it is very important to get the FAFSA submitted on time to make sure you maximize every benefit possible. If you wait to the last minute you may be missing out on free money and it can make the process very stressful. Second, make sure that you wait for the school to award you that loan. Many students wait until the last minute so they jump the gun when applying for their loans. They want the money as soon as possible and sometimes apply before they get awarded the loan.
I get calls everyday from students who are wondering why their Stafford Loans have not yet been certified when the truth is they haven’t even been awarded them yet. The school will not certify it unless it has been awarded to you.
If you are not sure exactly what you should be looking for or how to read the award letter you can always call your schools financial aid office and they will have that information on file for you. Again the award letter is based off of the FAFSA and the money awarded off of it is determined by your school.
To sum up the above always make sure that you have been awarded the loan before applying. Also, if you are unsure of any part of this process please contact your school or The Student Loan Network and we will be happy to answer any questions that you may have.
USEFUL LINKS:
Stafford Federal Student Loans, Parent PLUS Loans,
Student Loan Consolidation, Private Student Loans
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