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How to Qualify for Student Loans


Student loans are in the financial mix for many families, and it’s helpful to know how to obtain them. One of the most challenging obstacles to higher education that many families face in the modern era is the cost of attending college. With tuition costs always on the rise, students are forced to take out student loans in an effort to finance their education. Though these have turned into a necessary measure to take in order to pay for an education that will pay dividends down the line, there are still steps that you can take to make yourself more suitable for student loans.

When you are a more attractive candidate for student loans, you tend to gain advantages that others might not have, such as getting a better interest rate, qualifying for partial forgiveness, or having friendlier payment terms. We are going to give you some actionable tips on how to qualify for student loans and make yourself an attractive borrower that can get the most out of the system.

Factors that Determine Eligibility
The entity that determines eligibility for financial aid for students is the US Government. They have their own set of criteria that students and families must meet if they are to be considered eligible for federal financial aid and low-interest student loan funding. Here are the factors that determine whether an individual or family is eligible for student financial aid.

Demonstrate Need
If you are hoping to get financial aid in the form of low-interest loans from the government, then you will need to meet their definition of need. This is determined by factors such as the income of your household, the assets of your household, the size of your household, how many students are in college, which you will have to disclose when you apply with the Free Application for Federal Student Aid (FAFSA).

Be a US Citizen
To be eligible for federal financial aid, you will have to also be a US citizen. This is the most basic and obvious requirement for someone to be eligible for assistance from the government when it comes to paying for college.

Be Registered with the Selective Service
For men, it is a requirement that you register for the Selective Service, which is the service used if it is necessary to draft members for the US military. Males will have to be enrolled in this program before they are approved for federal student aid.

Be Enrolled in a Program
If the federal government is going to provide you with aid, you will have to meet the requirement that you already be enrolled in a program or accepted to a college. They will not provide you with aid for an education that might not ever happen. Be sure that you have proof of your acceptance before applying for federal aid.

Agree to the FAFSA
When you apply with the FAFSA, and federal assistance as a result, you must agree to all of the terms that are laid out within the FAFSA. This includes various agreements such as acknowledging that you are not in default on any other federal student loan, you do not owe money on a federal student grant, and that you will only use the funding provided for educational purposes.