When do I start the process? It’s never too soon to start. There are steps you can take beginning in high school to help you prepare both financially and academically. Otherwise, you should start the year before you go to college by completing the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1. What is FAFSA and where do I find it? The Free Application for Federal Student Aid (FAFSA) is used to determine how much aid you can receive and how much your family is expected to contribute toward your college costs. You must complete a FAFSA (or Renewal FAFSA) each you wish to be considered for financial aid.
You can find the FAFSA form online at www.FAFSA.ed.gov, or you can get a paper copy from your school’s Financial Aid Office or your high school guidance counselor.
To learn more about the FAFSA, see The Financial Aid Process: Completing the FAFSA. How can I increase my chances of getting more aid? The single most effective way to increase your chances of qualifying for more money is to apply as soon as possible after January 1 of the year you wish to receive financial aid. The aid pool at most institutions is limited, and is typically awarded on a first-come, first-served basis. For more information, see our Top Tips for getting the most financial aid. How do I get the money? Methods of distributing financial aid vary from campus to campus. Most financial aid will not be given directly to you. The majority of aid gets credited directly to your student account at the start of an academic term. How do I know if I'm a Dependent student? If you are less than 24 years of age on December 31 of the school year, an undergraduate student, single, not in the military, have no Dependents, and are not an orphan or ward of the court, then you are a Dependent student as far as the Department of Education is concerned. Which loans require credit checks? Federal Stafford Loans do not require any credit checks. However, if your son or daughter has defaulted on a student loan, or is not making satisfactory academic achievement, they may not be eligible to obtain a new federal loan. The PLUS (Parent Loan for Undergraduate Students) Loan requires a credit check and may be denied if the parent has adverse credit history. All alternative loans have credit checks. When do I start repayment of my loans? Federal Stafford Loans
The borrower is not required to make any payments until six months after leaving school or going below half-time. For example, if the student receives a degree in May, but goes on to graduate school in the fall, no payments must be made because there was not a six-month lapse in schooling.
Federal PLUS Loans
Repayment will start usually no later than 60 days after the last disbursement. All federal loans have at least two disbursements, typically one for each school term. At most schools, the last disbursement will take place in January, and the repayment will normally start between February and March.
Private Loans
The repayment terms may vary, depending on the type of private loan you have. See Compare Loans for a summary of repayment terms for NextStudent Private Loans. Is each loan separate, or do they just roll them all into one account? Each loan is considered a separate loan, but all federal loans under the same Social Security Number may be consolidated. A Federal consolidation Loan is where the individual loans are paid off to create one new loan. The repayment term may then be extended to minimize the monthly payment, while maintaining the benefits of the original, separate loans. Alternative loans will not be included in a Federal consolidation Loan. Apply for a Student Loan | 
