How Can You Get Student Loans
The process of finding your student loans can be a daunting one. You have to search through all the paperwork you’ve accumulated over the years, and then you have to figure out where to find any information that’s missing. If you don’t know where to start, this is for you!
First things first: gather all of your paperwork. You’ll want to start by going through your files for the last year or so and gathering everything that looks like it could be related to your loans (i.e., anything with a “loan” or “financial aid” stamp). Don’t forget about those pesky grade reports that may be hiding at the bottom of a box—they might contain important information about your loans!
Once you’ve got everything together, start looking for old bills and statements from financial institutions like banks or credit unions. If you can’t find them, check with your parents—they may have kept copies of these documents somewhere safe!
If all else fails, contact the lenders themselves—some companies are more than happy to help their former customers locate their records when they call in with an inquiry like this one!
How Can You Get Student Loans
You can find information about your student loans, including your balance, through the U.S. Department of Education for federal loans, or through your student loan servicer for private loans.
Federal Student Loans
The definitive source for information on your federal student loans is the U.S. Department of Education’s Federal Student Aid website. Through this website you can access information about your federal student loans.
Private Student Loans
To find out information on your private student loans, you’ll need to contact each of your private student loan servicers to determine your total loan balance or check your credit report.
Unlike federal student loans, there is not a single website that contains information about all of your private student loans. Your private student loans will not be listed the U.S. Department of Education’s Federal Student Aid website because the system shows only your federal student loans.
If you do not know what private student loans you might have, request a free credit report at annualcreditreport.com. Private student lenders may report your loans to credit reporting agencies even while you’re still in school or in deferment.
A loan servicer is a company that we assign to handle the billing and other services on your federal student loan on our behalf, at no cost to you. Your loan servicer will work with you on repayment options (such as income-driven repayment plans and loan consolidation) and will assist you with other tasks related to your federal student loans.
Keep your contact information up to date so your loan servicer can help you stay on track with repaying your loans. If your circumstances change at any time during your repayment period, your loan servicer will be able to help.
fed loans
If you apply for financial aid, you may be offered loans as part of your school’s financial aid offer. A loan is money you borrow and must pay back with interest.
If you decide to take out a loan, make sure you understand who is making the loan and the terms and conditions of the loan. Student loans can come from the federal government, from private sources such as a bank or financial institution, or from other organizations. Loans made by the federal government, called federal student loans, usually have more benefits than loans from banks or other private sources. Learn more about the differences between federal and private student loans.
What types of federal student loans are available?
The U.S. Department of Education’s federal student loan program is the William D. Ford Federal Direct Loan (Direct Loan) Program. Under this program, the U.S. Department of Education is your lender. There are four types of Direct Loans available:
Direct Subsidized Loans are loans made to eligible undergraduate students who demonstrate financial need to help cover the costs of higher education at a college or career school.
Direct Unsubsidized Loans are loans made to eligible undergraduate, graduate, and professional students, but eligibility is not based on financial need.
Direct PLUS Loans are loans made to graduate or professional students and parents of dependent undergraduate students to help pay for education expenses not covered by other financial aid. Eligibility is not based on financial need, but a credit check is required. Borrowers who have an adverse credit history must meet additional requirements to qualify.
Direct Consolidation Loans allow you to combine all of your eligible federal student loans into a single loan with a single loan servicer.
How much money can I borrow in federal student loans?
It depends on whether you’re an undergraduate student, a graduate or professional student, or a parent.
If you are an undergraduate student, the maximum amount you can borrow each year in Direct Subsidized Loans and Direct Unsubsidized Loans ranges from $5,500 to $12,500 per year, depending on what year you are in school and your dependency status.
If you are a graduate or professional student, you can borrow up to $20,500 each year in Direct Unsubsidized Loans. Direct PLUS Loans can also be used for the remainder of your college costs, as determined by your school, not covered by other financial aid.
If you are a parent of a dependent undergraduate student, you can receive a Direct PLUS Loan for the remainder of your child’s college costs, as determined by his or her school, not covered by other financial aid.
