How to Apply for Student Loans
Navigating student loans can be difficult. With different types of loans, complicated application processes and uncertainty about acceptance, it’s easy to get burned out during the application process. Here’s insight into how to successfully apply for federal and private student loans.
Applying for Federal Student Loans
Applying for a federal student loan begins with the Free Application for Federal Student Aid, more commonly referred to as FAFSA. Once the application is submitted, the chosen college or university will send a financial aid offer, including any eligible federal student loans.
If accepted, the school or institution will tell you how to accept part or all of the loan. Students must then complete entrance counseling and sign a Master Promissory Note agreeing to the proposed loan terms.
Applying for Private Student Loans
Private student loans can come from a bank or a credit union. In order to apply, simply fill out the application and submit to the financial institution for processing. Metro North Federal Credit Union recommends exhausting all federal student loans and grants before seeking private student loans.
Choose Metro North Federal Credit Union for Your Private Student Loans
MNFCU offers low undergraduate rates between 7.25% and 8.25% APR. Our Student Choice solution was designed with students and their needs in mind. As a not-for-profit credit union, our focus is on people, not profits. Learn more about our private student loan options by stopping by one of our locations or by giving us a call at 855-443-5995.
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