How do I apply for a Federal Stafford loan?

How to apply for a Federal Stafford loan

Sometimes the most difficult part of receiving Federal Stafford student loans appears to be applying for them. But, fear not, it’s really not very complicated.

The key is to learn how to complete an FAFSA (Free Application for Federal Student Aid). You’ll need to provide extensive information regarding your household income, taxes, assets, and other family data (size, number of members attending college, etc.).You may find that many schools use FAFSAs for students applying for non-Federal aid and grants, too.

To improve your chances of being granted Stafford student loans, try to apply as early after January 1 as possible. These loans are often granted on a "first come, first served" basis. Do not consider submitting a FAFSA prior to January 1 or without disclosing your Social Security number, as these applications won’t even be considered.

You need to apply for Federal Stafford student loans on an annual basis for every year you are a student. However, you may not have to file a complete FAFSA after the first year. You may be allowed to use a “Renewal FAFSA,” which only requires updated financial information and certain family data that may have changed (e.g. another sibling in college or one who has graduated). This will save you time and produce a reduced aggravation factor.

You may complete your FAFSA online if you wish. Therefore, if you feel the motivation to apply for your Stafford student loans at 2:00 a.m., while it’s quiet (hopefully), you may do so. In addition, you don’t need to wait until after April (when your parents’ taxes are filed) to correctly complete an FAFSA.

The important date to remember is January 1. File as soon as possible after that date to help ensure your ability to get the Stafford student loans you need.