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What are the steps I need to take to apply for a student loan and what recommendations do you have?


Expert Thomas Graham iii's Answer:

First, your best bet is going to see if you qualify for a Stafford loan through the Federal Government. To do this you will need to complete the FAFSA (Free Application for Federal Student Aid. Your student’s college will require this every semester anyway.


Second, you will receive a SAR (Student Aid Report) back in the mail within a month of completing the FAFSA. This will provide information about whether or not the student is eligible for Pell Grants, Stafford Loans, etc.


Third, choose your route. If you qualify, Stafford Loans will probably be the most cost efficient choice in the long run as compared to a private loan. There is a limit on how much you can borrow through a Stafford loan however.


Fourth, assuming you must cover some extra expenses, check out Sallie Mae’s website www.SallieMae.com, Wells Fargo’s website www.wellsfargo.com/student, etc. for other options. These sites should be pretty self-explanatory. If you need any more help just let me know!

Thomas Graham iii, CPA, CFE


7 yrs experience

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