Tips for Getting a Student Loan (cont)

More tips for getting a student loan.

Consider using a financial aid administrator from your college.

A financial aid administrator can consider special or unusual circumstances such as unusual medical expenses, tuition expenses, or unemployment and can adjust your cost of attendance or some of the information used to calculate your EFC.

The financial aid administrator at your college or career school also can change your status from dependent to independent, but only under specific circumstances which the aid administrator will explain.

You will have to provide your college or career school with documentation to justify any change. The decision to change or not to change your dependency status is based on the aid administrator's judgment, and it's final. It can't be appealed to the U.S. Department of Education.

Carefully evaluate all relevant aspects of the schools you’re considering.
Just because a school participates in a federal student aid programs doesn’t mean they have the federal aid program has endorsed the quality of education the school offers. They don’t approve a school’s curricula, policies or administrative practices, except as they relate to how the school administers our federal student aid programs.

When considering how to pay for your education, your first need to maximize scholarships and grants.
Sounds like a duh. But if you haven't taken time to go through this website and read about every single means of funding and grants available, you may be leaving money on the table.

If you’ve already done that and still need more money for college, a federal student loan (a loan from or guaranteed by the federal government) is your best option.

Every year, more than $90 billion in federal student aid is available to students. The fact is, almost everyone is eligible to receive a federal student loan because not all loans are based on financial need.

But it won't come knocking at your door. You better start searching in earnest.

Check Your Loan Options With Your School
If your school participates in the Direct Loan Program, the U.S. Department of Education is your lender. If your school participates in the FFEL Program, the federal government guarantees loans made under the FFEL Program but you’ll have to choose a lender (either your own bank or one your school suggests) to fund your loan. No additional applications are needed.

Remember, you have the right to work with a lender of your choice. You’re not limited to your school’s preferred lender list because, either way, the federal government guarantees your loan.

Consider the G.I. Bill
You can earn money towards college by serving in the military. Listen up - many people did this before 911 and Iraq, never expecting to go into war. The possibility always exists and you need to be comfortable with that.

When I got out of the army after serving in VietNam, I didn't immediately go to college. After a few years, I learned what my options were and decided to take the plunge and take advantage of the G.I. Bill. Great decision.

You do earn a considerable amount and it will help pay your way through college. Consider whether this appeals to you and go talk to a recruiter if it does.