Financial Aid and Student Loan Introduction
Financial Aid 101
Learn the basics of financial aid, from 529 plans to student loans and everything in between.
Finding financial aid information can seem overwhelming and intimidating at first, but it's easier to understand once the process is laid out. Here, we walk you through the basics of the financial aid process step by step.
Determine What's Affordable
A college degree is one of the biggest and best investments of your life. Calculate what you can afford to pay for college even before you begin the college search. Compare your personal budget to schools you want to attend, and see what's affordable.
Find Scholarships and Grants
Scholarships and grants are your first stop in the process of finding money for college. Scholarships and grants typically never need to be repaid, and as such are the preferred form of financial aid if you can get them.
- Read more about finding scholarships and grants
- Enter the drawing for a $10,000 College Scholarship from the Student Loan Network
File your FAFSA and Federal Financial Aid Paperwork
The FAFSA, or the Free Application for Federal Student Aid, is the single-most important form you'll complete in the financial aid process. This application is required for a variety of grants and loans such as the Pell Grant, Stafford Loans, and PLUS Loans.
Receiving Financial Aid
Once you've filed your FAFSA and applied for scholarships and grants, wait for financial aid award letters to arrive from schools. When the letters arrive, you'll need to figure out what aid you will be receiving and when to expect your aid.
- Read more about understanding financial aid award letters
- Read more on the loan disbursement process
Federal Loans for Students
After completing the FAFSA, three federal student loans that students can qualify for are the Direct Federal Stafford Loan, the Perkins Loan, and the Graduate PLUS Loan. Depending on what program of higher education you're enrolling in, the loan limits and terms will vary.
- Read more about federal student loans
Federal Student Loans for Parents
Parents who want to help undergraduate children pay for college are eligible to borrow federally guaranteed loans through PLUS loans (Parent Loans for Undergraduate Students).
- Read more about federal parent PLUS loans
Alternative Student Loans
When federal financial aid is insufficient, or education expenses exist outside of the coverage of federal student loans, alternative student loans can cover the remaining costs of education.
- Read more about alternative student loans
- Find out more about the private student loan application process
Repaying Your Student Loans
The process of repaying student loans is more important than the process of obtaining them. Prompt, on time payment builds a positive credit history and helps you obtain additional credit in the years after graduation. Missing payments or defaulting on loans can do the opposite. A number of different options can help you repay student loans, from payment plans to loan consolidation.
Other Edvisors Resources
- Search for Scholarships at StudentScholarshipSearch.com
- Enter Free College Scholarship Contests at ScholarshipPoints.com
- University Search Engine at HowToGetIn.com
- Student Banking and Debt Center at StudentPlatinum.com
You can check out the Filling the Gap Infographic for further information on the hidden costs of college and how students fill the gaps.