Where should a student go to apply for federal education loans after July 1, 2010?
Students should contact their school’s financial aid office or visit www.studentloans.gov for information about applying for federal student loans. The new federal loan application process will be similar to the current process: • Students/parents will need to submit a FAFSA each year in order to define financial need for federal aid/loan options. • Students will receive an award letter from their school. • Students must complete a new Master Promissory Note (MPN) with the Department of Education. • Students will need to contact the loan servicer for the Department of Education. What is a private loan and how do I know if I need one?* A private loan is a non-government student loan that is borrowed through a bank or private lender. Once students have borrowed the maximum in federal loans such as Stafford and PLUS Loans, they may need additional funds to cover the full cost of education. Private loans can bridge the gap between what’s borrowed in federal loans and what’s needed for the
Related Questions
- What impact, if any, does a previous consolidation of federal education loans have on a student’s aggregate limit for federal education loans?
- How is the U.S. Department of Education helping "split" borrowers (student borrowers who have loans with more than one federal servicer)?
- How Do You Obtain Federal Government Student Loan Money?
