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How to apply for a private student loan
If you have chosen to apply for private student loans then you will need to know whether you are eligible or not prior to applying for any private loan.  You need to be a citizen of the U.S. or a resident that is permanent with a valid resident card.  If you are an international student looking for private loans then you need to have an appropriate co-signer for the loan.  If you have questions regarding if you qualify or not be sure to check with your financial aid department at school regarding personal student loans as a first step.

Once you've established that you are eligible for private student loans then you will need to gather some information that is pertinent to apply for the student loans.  Items such as your basic info as: Name, address and contact info as well as your social security number.  Private loans also require supplying your valid driver’s license or ID number. 

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Your FIRST step in seeking a Federal Loan is to fill out the FAFSA form. You can do this for free online at the US Department of Education Official website: http://www.fafsa.ed.gov/ This site holds your hand through the FAFSA process with a very helpful online guide. It’s an easy 4 step process, and the effort put toward it is well worth it as most students are awarded Federal aid and low interest Government backed loans.

Each January 1 starts the application period when students can begin filing the FAFSA. Once you file the FAFSA and the process is completed, the US Department of education will provide you with a Student Aid Report (SAR). The SAR tells you how much you qualify for in federal aid (free money), school grants, work-study programs, and low-interest government loans Federal aid is determined on a case by case basis.

For Undergraduate and Graduate Students, Federal Stafford loans are the most common student loans offered by the federal government via your selected lender. When it comes to selecting lenders, know you have a choice. It's wise to check out the specifics and benefits offered by different lenders as you might to go with a lender that is not the lender your school says is their "preferred" lender. You have the right to choose.

Private Student Loans are college loans used for school related expenses such as student travel, computers, books, food and housing and other everyday living expenses. The average yearly loan limit on a private loan averages $40,000. Typically, repayment begins six months after graduation or leaving school. Lenders do vary, so do your homework when comparing different private student loan lenders. Private education loans are different from Federal loans because the interest rates are not fixed. College students benefit the most from federal education loans; however private loans are the next best thing. An advantage of private loans for college is that you can apply whenever you desire, there are no deadlines. You are encouraged to compare multiple private lenders before applying though as loan offers do vary from lender to lender as they do from bank to credit union.