What Are FAFSA Student Loans?

FAFSA stands for Free Application for Federal Student Aid, and is the first step that any student applying for financial aid through a federal program. This program is administered by the Ministry of Education.

There are four basic types of student aid available: scholarships, grants, loans and work scholarships. With a scholarship to the money awarded is not refundable. The scholarships are given to students on the basisAcademics, athletics, music, art or other fields. Grants do not have to be repaid and are either on the basis of financial need. Loans must be paid back at specific interest rates. Work-study includes payments to students who help out on work campus to pay the costs for the school.

The first step to applying for most of these programs includes filling out paper work for the FAFSA, and this can intimidating. You need the following information needed to completeFAFSA.

• Student's Social Security Number

• Student's driver's license

• Student's W-2 forms and other records of money earned (plus parent to 'B / W parents-2 forms if student is a dependent)

• Student 's (and spouse, if the student is married) Federal tax return for the previous year

• Parent's / Federal Parents' tax returns for the previous year(if student is a dependent)

• Student 's and loss account for the prior year untaxed - Social security, temporary employment, assistance for needy families, welfare, or veterans benefits records

• Student's bank statements for the previous year

• Student's previous year's business and investment climate, mortgage information, business and farm records, stock, bonds and other investment records

• Student's Alien Registration Card (ifnot a U.S. citizen)

The Department of Education requires one to four weeks to process the FAFSA for student loans. Process the length of time depends on numerous factors and includes the size of the application backlog, but the forms were filled out correctly, and if the necessary documentation has been resolved.

Although the FAFSA can be intimidating, it is the crucial first step to acquiring your student loans. If you do not fill it out, younot be qualified and your loan is denied.

debt relief grants from the government