Steps to Getting Unsubsidized Student Loan

Even with the current economic crisis, the education cost for college students is rising steadily each year. A research on the cost of higher education in the United States of America resulted in a $35,000 average of a private institution education cost. This is, of course, a dilemmatic situation for students who want to get a higher education but cannot afford to spend that kind of money. While you can work yourself out to try and fund your own college tuition by doing part-time jobs, you are most likely would only exhaust yourself, rendering yourself unable to follow the lectures given effectively as you cannot focus on the subject.

Steps to Getting Unsubsidized Student Loan

There is, however, a way out to your problem and that is to apply for an unsubsidized Stafford loan. You can try to apply for this loan through the United State’s Department of Education. It is available for anyone so it will be no problem for you if you are not qualified for a subsidized student loan. An unsubsidized loan would begin accruing interest immediately, however, and you should think carefully before you apply for this loan.

To start applying for the Stafford loan, you would need to visit fafsa.ed.gov and start your application process by downloading a free application form for federal student aid. An alternative to this is to personally visit your school’s financial aid office and pick up the form there. The next step is to fill out your Free Application for Federal Student Aid form (from here onwards shortened to FAFSA) and submit it to the United States’ Department of Education via mail or via electronic mail.

After you submit your FAFSA you would have to wait for an award letter to be sent to you. The letter will give you the information about the kind of financial aid benefits that you are able to receive. You are obliged to fill out a FAFSA and wait for the said reward letter before you can apply for an unsubsidized loan even if you know that you are not eligible for receiving financial aid because of your income.

In a situation where you did not file the FAFSA electronically, you would need to apply for a PIN number from the United State’s Department of Education. Your PIN number is essential for your application as it is needed to show that you have finished the requirements of the entrance counseling. You should afterward visit the studentloans.gov and finish the entrance counseling session.

Upon finishing the counseling session, it is all a downhill slide from there. You would only need to provide your PIN number and then follow any instructions given. A master promissory note will be displayed to you afterward of which you would need to sign. The funds will be then transferred to your school account provided that you completed the process successfully.

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