Federal Student Loan

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Federal Student Loans, Are They Right for Me?

Federal student loans are a valuable resource for anyone thinking of going to school. Federal loans are unique because they offer low and sometimes subsidized interest rates. No interest accrues until you are out of school either! Payments can also be deferred after school due to financial hardship. If you are thinking of going to school but aren't sure how you are going to pay for it, consider getting a federal student loan.

How do I apply for a federal student loan?

Applications for federal loans are found at http://www.fafsa.ed.gov . Not only does this application work to obtain loans, but the same application also can be used to apply for federal grants to use towards school expenses. Before you apply you will have to gather a few documents and information such as your social security number, tax information and W-2 forms, bank statements and parent's information if you are still claimed as a dependent. Applications are accepted at the first part of the year and are applicable to the next fall and spring semesters. Check out their website for specifics.

How much can I get a federal student loan for?

Loan amounts vary based on year in school and cost of schooling. Your application will be reviewed and based on a number of different factors so your best bet is to fill out the paperwork and find out. After all, it's a free application.

What if I'm not sure I need the student loan?

Even if you aren't sure if you need the loan, it may not be a bad idea to take it anyway. While you are still a student you won't have to pay any interest on your federal student loan. You could take the money and put it aside just in case you do need it. If you stick the money in an interest bearing account, you may even make a few bucks before you pay back the principle in full before interest begins accruing.