Paying for college tip
With our private student loans, you can apply only once and get the money you need for the entire school year.
After you've explored free money for college (scholarships and grants), you may want to look into federal student loans, which are provided by the government, and then private student loans, which are provided by banks and other financial institutions, to help you pay for college.
Don't forget, with both federal and private student loans, you'll have to pay back the money you borrow plus interest.
Paying for college tip
With our private student loans, you can apply only once and get the money you need for the entire school year.
After you’ve explored free money, federal student loans and private student loans can help you pay for college.
Home equity loans, personal loans, and tuition payment plans could all help you pay for college.
Learn about ways to save on college costs before you get to college and while you’re in school.
If you need money for college expenses, you need to know what your borrowing options are. The two most common ways to borrow are federal student loans and private student loans.
Learn about other borrowing options for college
There are three types of federal student loans. They’re all provided by the government through the Federal Direct Loan Program.
It’s important to consider federal student loans before you take out a private student loan, because there are differences in interest rates, repayment options, and other features.
Learn more about federal student loans
When you’ve explored scholarships, grants, and federal loans, and still need money for college, you can consider a private student loan.
Learn more about private student loans
Madison is using 4 steps to ease the burden of college expenses
There are different application processes to follow, depending on which type of student loan you’re looking for.
You apply for a federal student loan by filling out and submitting the Free Application for Federal Student Aid (FAFSA®). You MUST submit the FAFSA to be eligible for a federal student loan.
Almost everyone who applies for financial aid is eligible for some form of aid. File the Free Application for Federal Student Aid (FAFSA®) to see how much you qualify for. Embark makes it easy with a simplified process and step-by-step guidance—plus it’s free.
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To submit the FAFSA for federal student loans (and for all types of federal financial aid), there are a few things to keep in mind:
You’ll find out about how much you’re eligible for in federal student loans when you receive your financial aid offer.
Since private student loans are offered by banks and financial institutions (as opposed to the federal government), you apply directly to the lender.
Follow these instructions to apply for a private student loan:
It doesn’t take long to fill out a private loan application online. If you apply for a loan with us, it only takes about 15 minutes to apply and get a credit decision.
You accept your federal student loans by signing and returning your financial aid offer. You may be asked to take part in entrance counseling at your school to make sure that you understand your loan obligations. Plus, you’ll sign a Master Promissory Note (MPN) to agree to the loan’s terms.
You accept your private student loans after you’ve been approved. Here’s our process:
Both federal and private student loans are legal agreements. When you agree to a loan and sign or e-sign for it, you’re committed to paying it back, along with interest.
When you’re borrowing money for college, it’s important to borrow responsibly. We recommend these three steps:
Other tips for borrowing responsibly: Consider what your salary will be after you leave school, remember that you’ll have to pay back your loans with interest, and don’t borrow more than you’ll need for school costs.
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This completion service is not affiliated with or endorsed by the US Department of Education. The FAFSA® (Free Application for Federal Student Aid) form is available for free at studentaid.gov.