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Most students these days find that they need to get some type of loan to help finance their education. Federal Stafford loans are the best place to start, because they are the least expensive. The student loan program is a government, private industry, educational partnership.
First, you must complete the FAFSA (Free Application for Federal Student Aid) to determine your eligibility for a student loan. In about three to four weeks the school will receive information from the federal processing center which will determine what type of loan you will be able to receive. (Subsidized, Unsubsidized or both). At this point you should have received a letter from the financial aid office to let you know what other documentation will be needed to process your request for a loan. Once all the required documentation is received and verified, you will be sent an award letter to accept your loan. At this point you can cancel your loan or reduce the amount listed on the award letter and return this to the financial aid office.
All first time borrowers or students must complete an Entrance Counseling and Master Promissory Note (MPN) online at www.studentloans.gov.