How to Complete a Great Student Loan Application

A student loan application is necessary regardless of whether you hope to receive federal or private student aid. The better and more complete your student loan application is, the greater your chances of being approved for the funds are.

Provide the Necessary Documentation

Any lender will want to see certain forms of documentation from you before offering you a student loan. Federal lenders often ask for copies of your most recent tax returns and the tax returns of your parents. Private lenders may ask for tax returns but may also want to see pay stubs and copies of information that proves your identity, such as your Social Security card and driver's license. Both federal and private lenders need proof that you are currently enrolled in school. The more complete your documentation is, the more likely you are to be approved for the loan that you want.

Demonstrate Your Intention to Repay the Loan

If you are applying for a federal student loan, you can demonstrate your intention to repay by completing online loan counseling in your school's financial aid office. Private lenders, however, want to see that you have a good credit history before lending you money. One of the most beneficial things you can do to complete a great student loan application is to fix any errors on your credit report before applying. This helps potential lenders see that you have a good history of repaying your debts and are likely to repay your student loan, should your application be approved.

For more information, please see: 4 Top Student Loan Application Errors.


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