What Are Federal Supplemental Loans?

As a student, a Federal supplemental loan could help you financially. With the rising costs of a college education, one source of financial aid is often not enough. Here are some of the basics of supplemental loans and how they work. 

Supplemental Loans

A Federal supplemental loan is a loan that is offered to those that have a great financial need during college. It can be provided to the student or even to the parents of the student while they are in college. It could be used for anything that is related to school expenses including tuition, books, room and board, and transportation. The interest rates are usually very good as they are offered by the Federal government.

Qualification

Not everyone will qualify for this type of loan. You have to be able to prove that you have a great financial need for it. In order to determine this financial need, you and your parents will have to complete the FAFSA. FAFSA stands for Free Application for Federal Student Aid. This document helps the government ascertain important financial information about you and your guardians. They then take all of the applications that they receive and use them to determine exactly who gets the supplemental loans.


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