When you decide to go back to college or to go to college for the first time you have to know what a federal student loan application is and what you should be expecting. This is one of the tools that is going to help you get the money you need to pay for your tuition, housing, books, living expenses, and other fees. Here is what you need to know.
First, the federal student loan application is called a FAFSA. This is actually a form that you fill out prior to the actual application in order to see what type of money you qualify for. If you are 23 years of age or older and you do not live with your parents, then you only need to fill out the portion for you and include your income information. If you are younger and live with your parents you will need to use their information as well.
After you have filled out your FAFSA you will receive a code that will let the school know what you qualify for. You could qualify for a Pell grant, which is free money from the government that you never have to pay back, and you could qualify for government backed student loans. If you do, then you will fill out a short federal student loan application to tell them how much you want.
When you fill this application out you will have the option for subsidized and unsubsidized loans. There will be a maximum amount you will be allowed to get depending on how many credit hours you are taking and how many you have already completed. One of these loans will accrue interest while you go to school, while the other will not. Make sure you get enough to pay for all your expenses or the maximum if it will not be enough.