Paying for college can be an overwhelming affair. Luckily the state government, learning institutions, federal government, and private organizations have established ways to fund college cost for students. The financial aids are offered in different forms, which include: loans, work-study, grants, scholarships, and tuition assistance. These financial aids have helped a significant number of learners a great deal in paying for their college: the federal government, for instance, being the principal financier for college students disburses $120 billion annually. As a high school graduate, the darting question in your mind is how to apply for these funds, when and how to receive them. Keep your worries aside, outlined in this article is the procedure to apply for college financial aids, the time it takes for them to be processed, and how to access the funds.

 How to apply for a college loan

 Before applying for any college loan it is imperative to do enough research, that will help you gather the relevant information on the type of loan offered, the interest rate, the period of repayment, the amount to be delivered and the grace period if any. There are a variety of loans provided to college students. They include;

 Federal loans

 The federal government offers federal loans to college students at a low-interest rate. The loans are of two different types. Subsidized and unsubsidized. Unlike subsidized loans, unsubsidized loans are offered to needy students only, and the government goes a step further to assist them in paying interest during the learning period. After graduation, the students are offered a grace period of six months before they can start to repay the loan.

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Application for federal loan

Fill the FAFSA form

 The student is required to fill the FAFSA form with the relevant details. The application is offered for free. The essential documents required for this process are a copy of the family tax returns and family’s bank statement- to show how much the family earns annually.

 Send the form to the school you wish to enroll

 Having filled the relevant details correctly send the application form to the school, you desire to join. Once you submit, the department in charge will evaluate the kind of loan you deserve depending on the information provided.

When and how to receive the funds

 The school will liaise with the ministry of education, and the loan application will be approved. From there you will receive a mail with the crucial details about your loan- the type of loan, amount, and interest rate and so on.

   The funds are disbursed ten days before the beginning of every semester.  It is imperative to note that the funds are meant for educational use only. Once they are sent, they first pay your college costs, in case there is balance it is sent to your count.

 State loan application

 The state loans vary from state to state- every state has policies and guideline on how and when to offer the loans. The state depends on the information provided in the FAFSA form to evaluate which student deserves what credit and how much should be allocated to them. In some states, if you have stayed there for more than five years, you automatically become eligible for a higher loan as compared to someone who has lived there for a lesser number of years. Another criterion the state uses to grant loans is the need and merit of the students.

 Private loans

 For the private firms who offer college loans, the procedure to apply, repay, and the interest rate provided depend on the financial firm you are dealing with. Before applying for a private loan to fund your college fee, ensure you:

• Consult an expert.
• Understand the terms and conditions for repayment
• Exhaust the available government and   state loan offers
• Take advantage of free financial aids such as grants, scholarships, and work-study programs.

 Grants and scholarships

  These are financial aids offered by the federal government, private firms, state government, and learning institutions for free to students. The criteria to provide the gifts include, need-based, merit-based, or student specifics based.  There is the need to apply for such aids as they relief you a substantial financial burden.

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