When you need to obtain a student loan, there are two options available: private and federal. You can apply for a federal loan by submitting a FAFSA. To cover additional costs, you will need a private student loan.
How to get a federal loan
Federal loans are a more convenient option for undergraduate students. They offer many advantages, such as repayment based on income, protection, and no need for a co-signer. The first step in the process is submitting a FAFSA. This application will help you find out how much financial aid you are allowed to get. You will need to cover the difference between the cost and the aid.
The mentioned application will also serve as an application for a federal loan. The school that accepts you will send an award letter, letting you know about the amount you are approved for.
How to get a private loan
To obtain a private student loan, you will need a co-signer and good credit score. Shop around for offers from different online lenders, credit unions and banks. Pick the one with the best conditions and lowest interest rates.