A loan is the reason many students are able to go to college and not have to worry about money until after they've graduated. There is a lot of paperwork involved in the application process of a loan, but once you've completed it and been accepted, it will have been worth it. Loans can help with the cost of books, tution and even living expenses or they can cover them completely. It all depends on your eligibility, which is determined in the application process of the loan.

Applying for a loan is free and you can even complete it online. You can get a copy of the application at your college's financial aid office, post office or library. It takes some patience and time to fill it out and various paperwork is needed before you can turn it in, but you will be happy once the loan comes in. Your grades are taken into consideration when applying for a loan as well. Although you don't have to have a 3.0 GPA to get a loan, you do need to be making satisfactory grades to receive any assistance. Your college will determine whether you're eligible to apply for a student loan or not.

There are some criteria that you have to meet before you can even be considered for a loan although. You must be a U.S. citizen or an eligible non-citizen. You must be making satisfactory grades and be attending a college that participates in the federal student loan program. You also need to be a half time student, at the least and truly be in need of assistance.The amount of assistance you will receive depends on whether you're an independent (you report only your income and that of your spouse if applicable) or a dependent (you report the income of both your parents). The grade level you're in is also taken into account when the loan assistance is being determined as well.

You don't have to pay back your loan as long as you are enrolled in classes at least half time. 6 months after you graduate is when you can expect to start having to pay back the loan and you can set up a payment plan. Not all schools offer loan programs, so you'll have to do a bit of homework to see if yours offers such assistance. It's best to check this important fact out before deciding on which college to attend if money is an issue for you. Make sure to get your application in early also, to ensure that your assistance will get to you in time for the tuition due date. 60-90 days before the beginning of the semester is recommended.

There are a couple different types of student loan awards you can try to receive. A subsidized student loan means that you do have great financial need for assistance while an unsubsidized student loan means you do not have need for assistance. The student that has a subsidized student loan is not responsible for interest until they graduate and the student with an unsubsidized loan is responsible at all times for interest.

So, what are you waiting for? Apply for a student loan today and you'll be on your way to that college education you've always wanted for yourself!