Do You Have What You Need For Student Loans?

It’s that time of year!  Time to make sure that your child's student loans are in place before the fall semester begins.  But, have you done all that you need to do before getting the loans?
 
Here’s a little primer to get you prepared…
 

1. Have you and your student submitted the FAFSA form?  By submitting this form, your incoming Freshman will be entitled to $5,500 per year in Federal student loans.  Since this loan is the least expensive, and it does not require a co-signor, it is a must if student loans will be necessary to pay for college.  (Everyone who completes FAFSA is entitled to this loan, regardless of income or assets.)
2. Make sure that your child goes onto their college’s student portal and accepts any free money offered as well as the student loan offer.
3. Time to start gathering information.  You will need the following pieces of information when applying for student loans whether federal or private.​

To complete the various Federal student loan applications, the list of below items will be necessary.  

• A completed FAFSA form per student
• FSA ID and Passwords for both parent and child
• Financial Award Letter from the school
• Social Security Numbers for parent and child
• Date of Birth for parent and child
• Home address
• Phone numbers for parent and child
• Email addresses for parent and child
• College/University name
• Valid id/driver's license
• Knowledge of your credit score and history

 
Other information that you should begin to think about.  This will be needed for private loans.

• Income and Employer Information / paychecks, 1099 statements, contracts
• W-2 forms from your past and current employers, or 1099 profit and loss statements if you’re self-employed or own your own business. 
• Tax Returns 
• Balances in each of your accounts, such as savings, 529, retirement, or investment accounts. 
• Current debt obligations such as mortgage, auto loan, student loan, child and/or spousal support, etc.
• All of the above information is needed for both parent and student(s). 
   

​​​Consider other options to pay for school before taking out loans.  Can your child work and contribute to the costs?  Has there been a recent downward change in your asset and income levels from one tax year to the next (ie. from 2018 to 2019 to 2020)?  Perhaps you can receive more money in financial aid.  Are there scholarships to apply to whether from places of employment, worship or the college itself?
 
College Financial Prep is here to help guide you through the entire student loan process!  Federal Loans, Parent Loans, Private Loans, MPN’s, Entrance Counseling and more!  Reach out to College Financial Prep to begin today! 
 
​We look forward to sharing in your family’s success!

Vicki  Vollweiler, Founder of College Financial Prep is a divorced mom of two children who understands the financial complexities of sending a child to college.  Her work with families throughout the entire financial aid process from strategically creating a college list through financial aid form preparation, appeals and student loan guidance helps families to maximize college savings and minimize costs.

---

---

Go to College Financial Prep Homepage.