How the Borrowing Process Works "Need" loans and "outside of need" loans
07/20/2010

Your award letter will list the type and amount of need-based loans. Most likely, the loans you're awarded will either be a Perkins Loan, Subsidized Stafford/Direct Loan, or both.

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Your award letter will list the type and amount of need-based loans. Most likely, the loans you're awarded will either be a Perkins Loan, Subsidized Stafford/Direct Loan, or both.

Perkins Loan
With this, the aid office sends you a promissory note that you must sign and return. Since the college already has been given its Perkins money, it simply transfers the amount to your student account as a credit against your charges.

Subsidized Stafford or Direct Loan
The only difference between a Stafford Loan and a Direct Icon is that you borrow a Stafford Loan from a private lender and you borrow a Direct Loan from the government.

Stafford Loan
For a Stafford Loan, the aid office will ask you to choose a lender from a list they provide. Many lenders, including the College Board, now offer online loan applications. Once you've completed the loan application (a master promissory note) and your loan is approved, the money is sent by the lender to your college. The loan amount (minus the loan fee—usually 4 percent) will appear as a credit on your account.

Direct Loans
Direct loans work the same way as a Stafford except there's only one lender (the federal government), so you don't have to choose.

Outside of need loans
These loans are used to help families that can't afford to pay their share out of savings and current income. The three main types of non-need loans are unsubsidized Stafford/Direct Loans, PLUS Loans for parents, and private loans, either student or parent.
Some colleges will include one or more of these "outside of need" loans in your award letter-. When counting up your aid, these loans should be removed and put to the side. When you calculate your family's share of costs, you may find that it is more than you can afford. If so, it’s time to consider tViese non-need loans.

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You must file a FAFSA before you can apply for this loan. The Student Aid Report (SAR) will show if you have need. If you do, you can take out a subsidized loan and save money on interest payments. Check with the college to learn what application procedures you should follow. Whether your Staff or/Direct loan is subsidized or not, you complete the same master promissory note. Once the loan is approved, the money is paid to your student account.

Parent loan: PLUS
This is a parent loan, sponsored by the federal government that is unrelated to need. Generally, parents can borrow up to the total cost of education, minus any aid received. Many lenders, including the College Board, will provide quick pro-approval for a PLUS loan, either online or over the phone. Once the application is completed and the loan is approved, the money is sent to the student account.

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