How to Apply for a Loan

Dear Anthony:

To start applying for a loan, first fill out the Free Application for Federal Student Aid (FAFSA). Completing the FAFSA will make you eligible for federal aid, including grants, loans, and work-study, and it will also allow schools to determine the financial aid packages they can offer you.

About 4 weeks after you submit your FAFSA, you will receive your Student Aid Report by mail. You can also access it online at www.fafsa.ed.gov. This report provides you with your expected family contribution, which is the money you (or your family, if you're a dependent) are expected to pay for school.

Next, complete any additional forms that the school(s) might require. They will then send you your award letter(s). After you have decided which school you want to attend, follow the instructions on that school’s award letter to accept the financial aid package by its deadline.

Your last step is to sign the Master Promissory Note (MPN), which is a legal contract stating that you’ll repay your student loans. You will send it to your lender (place where your loans are coming from) which will then prompt your school to certify your loan amount.

Regards,