How to Apply for Student Loans in 2024

Check your eligibility

Before proceeding with the application process, it’s important to determine if you’re eligible for a specific federal student loan. The basic requirements include the following:

• Must be a U.S. citizen or an eligible noncitizen
• Must have a valid Social Security number
• Must be enrolled at least half-time in an eligible program
• Must maintain a Satisfactory Academic Progress
• Must submit a signed certification statement on the FAFSA form
• Must provide proof that you are qualified to get a college or career school education

For some types of federal student loans, you may need to demonstrate financial need.

Gather all necessary paperwork

Aside from the FAFSA form, you may need to submit additional documents. For instance, the proof of qualification to get a college or career school education may be your high school diploma or GED certificate. Depending on the school, there may be other requirements.

You will also submit a signed Master Promissory Note. This document proves that you promise to repay the loan and all accrued interest.

Fill out the FAFSA

Once you’re sure that you’re qualified for a federal student loan and have all the necessary documents prepared, you can fill out the FAFSA form. Take note of the deadlines.

You can sign the form electronically by creating an FSA ID through the Federal Student Aid’s website. You can also use this ID to sign loan contracts.

Review your student aid report (SAR)

After completing the FAFSA, you’ll get a SAR. This document contains the information you’ve included on the FAFSA form. Review it to see if you need to correct anything.

You may receive your SAR on paper or electronically. If you want to get an electronic copy, make sure you put an email address on your FAFSA form.

Accept your award letter

The school typically applies the loan amount toward your tuition, fees and other authorized charges. If there’s money left, you can use it for other education expenses.

For a Parent PLUS Loan, the leftover money will typically be given to the parent. Some schools may give it to the student with the parent’s permission.

Find the best loan options

The first thing you need to do is find the best loan for you based on your needs and circumstances.

It can help to shop around and research different lenders. Check with your school to find out if they have a list of preferred lenders. Compare loan offers and make sure you understand all terms and conditions.

Check your eligibility

Eligibility requirements may vary per lender. Typically, you must be a legal U.S. citizen or resident over the age of 16. You have to provide proof of your enrollment status. Depending on the lender, there may also be credit score and income requirements. If you’re an undergraduate student, you may need a co-signer.

Submit all necessary requirements

Once you have chosen a lender, your next step is to prepare the requirements. There may be a specific form you’ll have to fill out. In most cases, a lender will require the following information about you and your co-signer, if you have one:

• Social Security number
• Name, date of birth and address
• Employment information, including proof of income
• Gross annual income
• Latest tax return
• Name of your school
• The date of your graduation
• The cost of your education
• The amount you plan on borrowing

These are only some of the standard items lenders ask for. Make sure you check the specific requirements with your lender.

Send your loan application

Complete the application form. Depending on the lender, you may be able to submit it online, through mail or in person.

Wait for approval and disbursement

Your application form will be reviewed once submitted. The lender will let you know if it gets approved. The processing time varies per lender, so clarify it with them.

If you get approved, you’ll likely receive an offer. Check the details and make sure all information is correct. Sign the loan document and return it to the lender.

The loan amount will typically be disbursed directly to the school. If there’s money left after all school expenses are paid, you may receive the balance. You can opt to return this or use it for other education expenses.