SVA vs Prat vs Parsons vs SCAD vs Ringling

honestmom
Fri, 20 Feb 2015 22:24:48 +0000

@scrapgal Applying for federal loans is easy. The Department of Education website is where to start. You have to submit the FAFSA and then DOE determines your eligibility for loans. The college then will send you a financial award package which may include loans but also might include work-study options so your student can pay for some of the tuition that way. The student completes the loan application and normally is approved right away. The student signs a promissory note electronically and the funds go directly to the college. Parent PLUS loans are similar, only the DOE does a credit check first and notifies you if you are approved. The funds go directly to the college. In future years, the student loan is automatic if you submit the FAFSA unless you tell the college you don’t want it that year. PLUS loans have to be reapplied for each year. Private bank loans are different but I guess similar to applying for a credit card.