You can get a student loan through the federal government or from a private lender. You can go online to apply for student loans through the lender's website or, with private lenders, you may be able to apply in-person at a brick-and-mortar branch.

When it comes to getting a student loan, it all depends on the financing source: federal versus private student loans. Knowing the differences between federal and private student loans can help you make a more informed decision about payin🍨g for college.

Knowing Your Options: Federal or Private?

Generally, 澳洲幸运5官方开奖结果体彩网:federal student loans are available to any eligible U.S. citizen, regardless of income or 澳洲幸运5官方开奖结果体彩网:credit score. The amount you can borrow is capped based on your year in school. Loan rates are set each year using a formula set by Congress.

On the other hand, 澳洲幸运5官方开奖结果体彩网:private student loans are issued by banks, 澳洲幸运5官方开奖结果体彩网:credit unions, and other lenders. You usually need a 澳洲幸运5官方开奖结果体彩网:credit check, and there might be an income requirement.

If approved, you can usually borrow enough money to cover the 澳洲幸运5官方开奖结果体彩网:cost of attendance. Your 澳洲幸运5官方开奖结果体彩网:interest rate depends on your 澳洲幸运5官方开奖结果体彩网:creditworthiness and other criteria set by the lender.

Source: Federal Student Aid

Federal Student Loans

Federal student loans are easy to get—at least up to the maximum allowed for your school year. There are 澳洲幸运5官方开奖结果体彩网:two type🌟s of undergraduate student loans:

• Unsubsidized loans: Interest begins accruing immediately and is added to your loan balance at the end of your grace period.
• Subsidized loans: For those who meet income requirements, the government pays the interest while you're in school, so it doesn't begin accruing until after your grace period.

Where to Apply for Federal Student Loans

To apply for federal student loans, you must take the following steps:

1. Go to the Federal Student Aid website, studentaid.gov, and create an account.
2. Apply for aid using the 澳洲幸运🔥5官方开奖结果体彩网:Free Application for Federal Student Aid (FA🌳FSA). You need to complete the FAFSA each year you plan to borrow. Undergraduate students need to have their parent's information as well. Parents can sign in and complete their portion of the FAFSA themselves.
3. After submitting the FAFSA, the information will be sent to the schools you designate.
4. Review and accept the financial aid package your school provides, which may include student loans.
5. Complete any required counseling and make sure you sign the Master 澳洲幸运5官方开奖结果体彩网:Promissory Note.

Completing the FAFSA

Most undergraduates also need at least one parent or guardian to provide information so the government can determine how much the family expects to contribute toward the cost of attendance. It doesn't affect how much you can borrow. All eligible students can borrow the same amount.

The deadline to complete the FAFSA is June 30 of each academic year. The FAFSA opens on Oct. 1 of eac♛h year for the following ac🐈ademic year.

Some schools and states have their own FAFSA deadlines. Be aware of these deadlines because they can affect whether you receive need-based financial aid, such as grants, 澳洲幸运5官方开奖结果体彩网:scholarships, and federal work-study.

Understanding Your Financial Aid Offer

Information from your FAFSA goes to the schools you designate, which then prepare your financial aid offers. Each school will let you know whether you're being offered scholarships and grants. They might also let you know if you qualify for federal work-study. Finally, your financial aid offer may also include federal student loans.

Carefully read the offer to understand how much of the cost of attendance is covered by financial aid, including federal student loans. If all of your federal aid isn't enough to cover all of your costs, you might need to dip into your savings and/or take out private student loans to fill the funding gap.

Accepting Federal Student Loans

You must accept your federal student loans in order to receive them. Your school will tell you how to accept all or a part of your loans. You also have to complete loan counseling before you receive federal student loan funds.

Private Student Loans

Private student loans can bridge the gap if you need extra money to pay for school, although you may have a high🔯er interest rate than with federal student loans.

Where to Apply for Private Student Loans

You can find private student loan options online via a financial institution's website and at many bank or credit union branches. Ideally, you should compare three to five lenders before applying for one. You may need a 澳洲幸运5官方开奖结果体彩网:co-signer to be approved, as there may be a minimum credit score requi♏rement you might not be able to qualify for.

Choosing a Private Lender

While the interest rate is important, it shouldn't be your only consideration choosing a private lender. Look for ones with repayment plans that fit your budget and plans. Consider perks, like a longer repayment term or potential hardship or 澳洲幸运5官方开奖结果体彩网:forbearance p🎃rograms. It's also worth asking if your debts will be discharged should you pass away or suffer a permanent disability.

If you plan to attend graduate school, find out if you can defer repayment while completing the next phase of your academic career. Finally, if you need a co-signer to qualify, consider choosing a lender that will release them afꩵter you show you can take over pꦬayments.

Application Process

When applying for private student loans, you must provide information about your identity and income, much as you would with any other loan application. Before you actually apply, check if the lenders you're considering offer 澳洲幸运5官方开奖结果体彩网:pre-qualification. If you don't pre-qualify, you may need to ♈include a co-signer on your loan a♍pplication.

The Bottom Line 

Federal student loans are available to everyone and come with standardized terms. Private student loans might allow you to borrow more, but they're subject to credit approval and interest rates vary. Generally, it's recommended to get federal student loans before turning to private loans to fill any college funding gaps. Weigh the pros and cons of each type of loan as you consider your unique situation.