The Free Application for Federal Student Aid (known as the FAFSA) is a form that can be filled out annually by current and anticipating university students (both undergraduate and graduate) and sometimes their parents in the United States in order to determine their eligibility for federal student financial aid (including Pell grants, Stafford loans, plus loans, and work-study programs).

The FAFSA (Free Application for Federal Student Aid) is a free form and free service provided by the Department of Education. If you don’t fill it, you will not be eligible for federal (government-backed) student loans. However, you will still be eligible for private or alternative student loans.

You can find and download the application online. You can also get a copy of the application from the financial aid office of the university or college you are hoping to attend, or your high school guidance counselor’s office. It is recommended that you apply online as any problems or inconsistencies should be noticed and hopefully resolved immediately, rather than waiting for days and sometimes weeks for the problems to be handled through regular mail services.

You will need to fill out a second application in order to apply for a student loan. That application is generally available through the financial aid office of the university the student will be attending. There are two types of student loans, subsidized and unsubsidized. A subsidized student loan is based on financial need. An unsubsidized student loan is not need based and interest begins to accrue immediately.

Once you’ve been awarded a federal loan, you must attend an entrance counseling session that lasts about 30 minutes. Session includes information on budgeting for repayment and the borrower’s responsibility to repay the loan. This is required and the money will not be credited to your student account until you have completed the entrance counseling.

You are eligible to receive FAFSA If:
1. If You are a U.S. citizen, a U.S. national or an eligible non-citizen;
2. You have a valid Social Security Number;
3. You have a high school diploma or GED;
4. You are registered with the U.S. Selective Service (if you are a male aged 18-25);
5. Complete a FAFSA promising to use any federal aid for educational purposes;
6. You don’t owe refunds on any federal student grants
7. You are not in default on any student loans
8. You have not been found guilty of the sale or possession of illegal drugs during a period in which federal aid was being received.

Important things you have to do if you want apply FAFSA
1. Make sure that you have all papers filed and in order prior to the deadline for application, this is because many schools have priority for applying and receiving the maximum possible award.
2. Applying Online is the best practice for applications because if you have any mistake it will show up immediately. You can apply it on myfafsa.com and find other information about FAFSA and student loans.
3. Respond to all requests for further information quickly.
4. Keep copies of every piece of correspondence and every necessary record.

You can visit http://www.myfafsa.com/ to get more information about FAFSA rel=”nofollow” onclick=”javascript:pageTracker._trackPageview(‘/outgoing/article_exit_link’);” href=”http://www.myfafsa.com/Student-Loans.html to know more abpout student loans

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