Debts & Loans

How to Apply for a Direct Student Loan

Applying for student loan consolidation is easy. Just fill out a Free Application for Federal Student Aid, which you can get from your school. Or, you may be able to apply electronically from your home computer or from a computer at a central location like your school or local public library, using FAFSA Express.You can get more information about downloading FAFSA Express. You might also be able to apply electronically through the financial aid office at the school you plan to attend.

Based on the information you give when you apply for student loan consolidation, your school will determine your financial aid award, including amounts of Direct Subsidized and Unsubsidized Loans, if you’re eligible. If your answers to certain application questions indicate you’re a dependent student, one of your parents may apply for a Direct PLUS Loan, using an application available from your school.

Student Loan Consolidation

As part of the application process, you’ll receive a promissory note to complete. The promissory note is the legal document you sign agreeing to pay back the loan. The note also provides important information about your loan. If a parent is applying for a Direct PLUS Loan, he or she will receive a promissory note to complete for that loan. If you have any general questions about Direct Loans, check with the school you plan to attend.

After Loan Approval

If you’re a first-time borrower, you’ll most likely attend an entrance counseling session, but you must see student loan consolidation, at a minimum, receive entrance counseling materials from your school before your loan money can be credited to your school account or delivered to you. Many of the topics covered will be covered in greater detail in the counseling sessions and in the written entrance counseling materials.

Entrance Counseling

Be sure you understand all the terms and conditions of your student loan consolidation and your rights and responsibilities as a borrower.