How To Accept Student Loans – 5 Easy Ways (Updated Guide for 2022)

In this guide, we will show you everything you need to know about how to accept student loans, so keep reading!

Below you can find out 5 different methods to accept student loans,

Method 1 – Viewing And Accepting Financial Aid

Note – This section will be updated soon.

Method 2 – Accepting Federal Student Loans

In this video im going to walk you through the process of accepting your federal student loans now this is. Assuming that you have already completed your fafsa application and dont have any missing documents and you have been offered. Student loans if that is the case for you then youre gonna need to do a few things first youre. Gonna have to go to your one account and accept the loans on your one account then youre gonna have.

To go to student aid gov and youll log in with your fsa id and then youll have to do. Three things complete the loan agreements complete whats called entrance counseling and complete the annual student loan acknowledgement all of. This will have to be completed before your loans will pay out to your account now im going to walk. You through what this actually looks like so when you log into your one account it looks like this and. Youre going to need to click the financial tab its gonna open up another window and then the financial aid.

Tab and it should show your awards right here on this part of the screen and you should be able. To click respond to award offer or something like that right there if you havent responded yet but another way. That you can do it is by clicking review awards and its gonna open another tab youll click the aid. Year for which you are accepting awards and then it should list some information here but know that you can. Click accept award offer this tab right there and under that tab you can either accept the full loan amount.

Or you can accept any amount up to the full amount that youre being offered itll allow you to manually. Put in an amount up to that maximum amount now once this is done youve accepted the awards but that. Doesnt mean theyre going to pay out yet youre gonna have to go to student aid gov and that website. Will look like this youre gonna sign in with your federal student aid id thats the same id that you. Used to sign the fafsa and once youve signed in you can click in school this is the population that.

You are a part of and then there are several things that you can do here but the three that. Youre going to need to focus on or this one completes a loan agreements also called a master promissory note. Complete annual student loan acknowledgement and complete loan entrance counseling now the loan agreement and the entrance counseling are things. Youre only going to have to complete once but the annual student loan agreement is something that you are going. To have to complete every year and its basically to meant to show you how much youve taken out in.

Federal student loans up to this point so that you are aware each year of your total federal student loan. Debt now once all of this is completed it typically takes about 24 to 48 hours before that loan will. Actually pay out to your account now if you have questions about your student loans or about the fafsa and. You want to talk with someone at oh you you can contact the student financial center at the contact information. On the left or you can contact the fafsa helpline if you need help creating a plan to pay for.

School you can contact us at the money coach office at the contact information on the right if youre a. Current student you can schedule an appointment with us on i advise and i will include a link to that. In the description of this video so this has been how to accept your federal student loans.

Method 3 – How To Get Your Student Loan Forgiven

Whats up family it is kaden with urban finance today were gonna be talking about how you can get your. Student loans forgiven or specifically three ways in which you can do that i hear a lot of stories about. People who thought their loans should be forgiven but it actually wasnt and they were missing something in the guidelines. And i also know that there are a lot of people that actually qualify for student loan forgiveness but have.

Not applied for it or just dont know that they are actually programs out there that allow to get low. To be forgiven in some careers its very prevalent where you know everyone in that career knows that student loans. Can be forgiven for example teachers but there are a lot of careers that dont actually know that like for. Example pastors and in the churches and so in this video were gonna be talking about how your student loans. Could be forgiven and some of the career choices you can make in order to have your student loans forgiven.

So the first way your student loans can be forgiven is through public service loan forgiveness and this was actually. The college course reduction and access act of 2007 which was created to lessen the burden of people that were. Going into the fields that will generally help the public so for example teachers nurses and well be talking about. Some of the other professions as we jump into the video the forgiveness option is available for direct federal student. Loans direct plus loans and direct consolidation loans and to receive forgiveness in this program you need to be working.

Full time in that capacity so that is at least 30 hours and you need to make at least 10. Years of payments or a total of 120 payments and it says preferably this payment should be made on time. Because you cant get into a legal battle if those payments arent made on time because you still may qualify. But depending on whos in charge at the time of the government they may make it hard for you to. Get forgiveness for example a betsy devos was actually sued by the teachers union because she was making it hard.

For certain teachers to actually get forgiveness under this program and those teachers actually won this suit and actually it. Was teachers and workers and nonprofit and i think it was a hundred and seventy thousand people that were waiting. For their loan to be forgiven that were actually denied but then brought a suit against it and are now. In the process to getting their loans forgiven and so its really important to know the rules and regulations because. Even if you you qualify depending on whos writing the government at the time they may make it hard for.

You to actually get the loan forgiven all right so make sure youre doing your research on this as well. For this particular type of forgiveness public service jobs are the ones that qualify so this is any job in. A government organization so thats federal state and tribal level thats nonprofit organizations that are designated taxes and under section. 501 c 3 and so for example there are pastors that could potentially have their loans forgiven even people that. May work at a church that have a federal loan that may not be a pastor that may qualify for.

Loan forgiveness and we know they dont make a lot of money so they probably will still have a loan. After 10 years but having actually utilized this so this is really important also there are nonprofit organizations that are. Not tax-exempt thats still qualified for student loan forgiveness after those 120 payment and so you really need to know. If your loans are forgivable or not so the first time forgiveness was based on your career choice so maybe. In a non-profit or in a government organization the second type of loan forgiveness is based on how long youve.

Had the loan for or how many payments that youve made towards the loan and for this particular loan forgiveness. You dont actually need to be working in a specific career field but you do need a specific type of. Loan repayment with the federal government so generally you will make on-time payments for 20 or sometimes 25 years depending. On a repayment program that youre in and ill be talking about the different repayment programs or some of the. Different repayment programs and the remaining balance after you make those 20 to 25 years of payments will be forgiven.

And i know some people are saying wow i have to make 20 to 25 years of payment yes thats. Actually a lot of years of payment but unfortunately i know a lot of people that are baby boomers that. Still have student debt and so the fact that you can even get those payments removed or forgiven after that. 20 or 25 years is a pretty big deal and will help a lot of people and so here are. Two payment plans that allows for this type of forgiveness but there are other pinging plans the first payment plan.

That im going to talk about is the pay-as-you-earn or a payment plan and you qualify for loan forgiveness after. 20 years of on-time payments this repayment plan will generally offer you the lowest monthly payments and to enroll in. This repayment plan you must demonstrate a financial hardship you may remain in the program however even after you out. Of the financial hardship and so the second one you dont actually need a financial hardship and the second one. Is the revised pay-as-you-earn repayment plan it is similar to the pay as you earn payment plan but you dont.

Need to demonstrate a financial hardship and obviously there are other criterias to those for payment plans but that will. Make the video so much more longer if i go into every specific detail of what qualifications are in these. Were payment plans but certainly research them look up to see what your payment plan you can do if you. Desire to have your loan forgiven because if you have a $10,000 loan you may not need that forgiven but. If you have a 50 $100,000 loan you may want to look into see if you qualify for loan forgiveness.

And the last and final way that you can have your loan forgiven which is actually considered a discharge but. Its slightly different from forgiveness because you actually need a court to rule in your favor and this is when. You demonstrate an undue hardship as a result of having that student loan payment and i know everyone is probably. Saying well i have an undue hardship as a result of my student loan payment but it has to be. Something severe like a disability something that prevents you from actually working and then if that type of severe hardship.

Occurs in your life or something that significantly impacts your ability to earn a type of money you would in. Your career field maybe you want to school to be an artist and something happened to your hands and yes. You can still work but you can no longer work in that field where you earned a degree and then. You may qualify for an undue hardship discharge now it is extremely difficult to get a discharge on your student. Loan especially since its something thats not even bankruptcy book but it is possible and i do know people that.

Have had their loans discharged and so those are the three ways that you can have your student loans forgiven. And two of those apply to only federal student loans so if you have a private loan unfortunately the first. Two does not apply to you the third one applies to everyone and hopefully as a result of the cobra. 19 we will have a bill passed that allows for people to have some type of student loan forgiveness for. Both those with private and public loans but were still waiting to see so you know you stay tuned out.

Stay tuned im sure if they actually pass a bill i will be making another video about that all right. Family thank you for watching again those were the three ways that you can have you alone forgiven if you. Havent already please smash that like button subscribe to the channel and like i always say even in the midst. Of this disaster remember to live your best life.

Method 4 – Tutorial- How To Accept Student Loans At Csu

On the ram web home page select financial aid from the home page menu then select the awards and requirements. Link and designate the appropriate aid year and then on the next page youll see a purple tab on the. Right that says click here to view your financial aid awards youll want to select that option and youll scroll. All the way down to the bottom to view your loan offers click accept reduce or decline this loan to.

Let us know what youd like to do with your loan offer please note any loans accepted will be automatically. Split in half between the fall and spring terms unless you are accepting loan after fall has already ended need. To make changes that you dont see on that page if you go back to the awards page you can. Select request changes to your student loans there you can also request to accept a fall or spring only loan. Cancel or reduce a loan that hasnt paid out yet increase a loan you previously decreased or re-offer a loan.

That you previously declined you can learn more about loan and other financial aid options on our website at financialaid.colostate.edu.

Method 5 – Loan Entrance Counseling Continued

All right so were starting the webinar im logging in here at student loans this is the website that youre. Going to go to for any loan entrance counseling or master promissory notes as your first step which most of. You have done is in your students portal of the school that theyre going to be attending youre going to. Accept all of the financial aid and when you accept the financial aid including the loans when you accept the.

Loans in the portal it does not obligate you to those loans all it does is it tells the school. That youre interested in taking out these loans if you actually want these loans to be dispersed you will have. To take the step that were going to go over today which is the loan entrance counseling and the master. Promissory note which is all done on the governments website so student loans gov this is where youre going to. Navigate to so as im logging in im logging in as a student and parents when youre logging in for.

Your loan youre going to use the same exact website and same login but youre just going to use your. Fsa id instead of the student perfect okay so as you get in what youll see is this is your. Homepage anytime you want to see what documents you have on file you can always navigate to your my documents. Page so view my documents now again as i mentioned for this particular student shes a returning student so shell. Be a sophomore in the fall and im just doing this on her profile right now so she already has.

From last year a loan counseling session that she did and remember that if youre gonna use the federal loans. Then youre going to have to do this every year its a process that does repeat itself just like filling. Out your fafsa youre going to do this per year as well also she has on file the master promissory. Note that she completed last year though what after youre done looking at the you can always go back to. Your home page and is what were going to start with complete loan counseling entrance counseling this is the required.

Part financial awareness counseling these are things that you should just familiarize yourself with plus credit counseling this is if. For whatever reason a parent has something derogatory on their credit history and they cant qualify for a loan there. Are some processes that you can go through and then so you can read about it here and again if. A parent doesnt qualify for a loan then youll have to show the school the disqualification letter and the school. Can offer the student additional stafford loans but thats something that has to be communicated directly with the school again.

Im using this as a student right now so as i go into entrance counseling im starting her entrance counseling. Process and now im going to select the school that needs to be on file for this particular loan when. These loans are dispersed the loans are dispersed directly to the college so they do not send the loan money. To the student or to the parent it all gets sent directly from the loan servicer to the school so. The school will keep on record how much they have received from the loan and when you log in to.

Your students portal youll actually notice what the remaining tuition balance is or how much in the loans have been. Applied to your tuition here im going to choose and for this particular student shes going to boise state so. I choose idaho and youre going to navigate to your school selection here this school is participating in loan entrance. Counseling through student loans gov so now you want to select i am completing entrance counseling to receive direct loans. As an undergraduate student because remember im doing this as a student right now for the stafford loan dont get.

Those confused because parents when youre in here and youre doing it for the parent loan youre going to have. The option to do it to choose as a parent continue current loan balance for this student is 56 oh. For so now these are things that youre going to want to familiarize yourself with the reason why the the. Federal student aid commission initiated this loan counseling is because several years ago there were students graduating from college who. Basically said we never knew that we had to repay our student loans and there was a big i guess.

Court case that went on about this so the federal government said well now we have to educate borrowers on. What it means to take out a student loan so this is why they initiated this process of student loan. Or loan entrance counseling so here what im going to do is im going to add a loan and im. Going to do a direct subsidized loan so the difference between a subsidized loan and an unsubsidized loan is a. Subsidized loan carries no interest while your student is in school so if youre awarded to subsidized loan then the.

Federal government is paying for the interest while your students enrolled in college in unsubsidized loan is basically an interest-bearing. Loan so for a student loan once its dispersed it will start accruing interest and for a parent loan it. Will start accruing interest but thats only true if its an unsubsidized loan the only types of loans that dont. Carry interest are the subsidized loans so just be aware of those two differences interest rate im going to put. For a subsidized loan 0% and total im going to put 4500 borrow only what you need control how much.

You do so as of today how much do you own student loan so youre just going to look at. The estimated loan balance here this is basically an open-book test they just want to make sure that youre reading. Everything correctly before you sign up for these loans loan basics teaches you about the history of the loan programs. Everybody will receive notice from their loan servicer so that might be a term that you want to write down. Everybody will be assigned a loan servicer so this is a person that you can contact to talk about your.

Loan theyll give you options such as do you want to make payments right away do you want to defer. Your payments while your students in school which means that you dont have to make any payments while theyre studying. Or attending college do you want to make interest-only payments so those are some of the repayment options that theyre. Going to talk to you about once you assign the loan servicer and once you complete this process interest accrual. How the interest accumulates over time capitalization of interest this is important to understand what it means if you do.

Let your loan go into deferment and youre not making any payments on it then eventually you will be paying. Interest on interest so its just something that you need to also be aware of master promissory note we talked. About that halftime enrollment once your student goes into whats considered halftime enrollment then their loans could become due at. That time so they really want to encourage students to pursue full-time enrollment free money first these are things that. Youre going to want to familiarize yourself with and then like i said this is an open book test so.

What sources of federal student aid do you have to repay grants do do you have to repent so as. Loans again its going to matter as yourself with the different loans this is the parent loan federal perkins loans. Will be offered to some families depending on your income level this is important information you want to read so. The loan limits and how the loan amounts will rise over time while your students in school youll notice that. As a first-year undergrad 5500 is the max amount thirty five hundred of which will be a subsidized them up.

The remaining balance after your student has borrowed from their stafford loan the remaining balance will be taken out as. A parent loan so because the federal government gave the student limits on how much they can borrow they require. The parents to borrow the meaning balance if they choose to but the pic the student cannot borrow more than. The max thats allowed only time that the student can borrow more is if the parent gets declined to borrow. From the plus loan thats the only time ive actually seen the student get allowed down so in this instance.

Im just going to add in some scholarships so these are the awards that the student received youre going to. Have put in your specific amounts based on what you received in your award letter and employment there you go. So total of 9,000 educational expenses type of school with state and state on campus so it gives you a. Little financial summary of what youre looking at so if you were to have an income of this you would. Be basically your expenses would exceed the income so its trying to show you how to be a responsible saver.

And also when you start earning an income how much your repayment schedule will be to apply it back to. Your loan where your total estimated sense is for this year there you go for the year we gotta go. Nineteen seventy sixty how much funding do you have available this year financial summary and wheres my funding expenses total. Funds other funds student aid nine thousand so im going to put nine thousand right here correct will you be. Notified you will be notified in time dispersed portion of your loan absolutely if school costs are less than the.

Loan disbursement the amount remaining will be paid to the student or borrower so what this means if there is. An overage so if you request an additional amount from the parent loan that you want to just use as. Money to buy a laptop or maybe to purchase books you can actually request additional money from the parent plus. Loan as well but that money will be sent to either you or the student so you decide on if. You are requesting additional money from the parent plus loan through that money gets dispersed to i would caution people.

Though if you are going to use that type of money just remember that you are paying interest right away. So if you dont need to borrow that money to pay for laptops or things like that and try to. Not do that paying student loan interest while you are in school will reduce your overall amount you have to. Repay true this gives you an idea of how much interest you would save if you were to pay it. Off sooner for example so if you finish school in twelve months your potential savings projected annual inc lets project.

That were going to make about $50,000 a year getting out of school use your loans family-sized one protected balance. Will have about ten thousand will say nice interest rate so if were going to use the standard repayment method. Be ninety three dollars total amount paid and repayment over ten years so these are generally going to be a. Ten year repayment option so similar to how a home mortgage is amortized over thirty years twenty years fifteen years. These loans are really going to be offered over ten years if you paid off sooner there is no prepayment.

Penalty so you can definitely pay it off sooner if you like and then you can combine loans you can. Extend a fixed term obviously everybody scenario is different so im just right now choosing a standard repayment options gives. You some idea their income per month loan repayment remaining balance when do i need to start remaking my payments. So again this is something that youre going to need to read but generally six months after you graduate is. When your loan payments become due so they will typically give you time to find employment and then six months.

After you graduate thats when the loan repayment options will become paid when you begin to pay those back would. You contact a selector change your pan plan your federal loan servicer thats the person we talked about you must. Contact your federal loan servicer to change your dress drop below on halftime enrollment or leave school definitely want to. Contact them if any of these happen so now avoiding default pay on time stay in touch with your federal. Answer it is very important to stay in touch with these individuals because they do give you options on if.

Youre having a hard time making your payments there are things such as forbearance that they can offer you these. Are people that you that will help you if you have questions about that generally speaking you could also call. Your financial aid office at the college and they can answer some of the basic questions for you as well. Such as if you didnt want the loan dispersed for the second semester for example you could call the schools. Financial aid office and speak with them directly and ask that they request that the loan doesnt get dispersed but.

So you can also have a dialogue with the schools financial aid office as well postpone your payments for lets. Say 24 months gives you a scenario their deferment or forbearance or ways of temporarily postponing your federal student loan. Payments true grab in trouble making payments repair they can give you all these options important information again want to. Read so this is just telling you how to become a responsible adult with finances parents probably good discussion to. Have with your students anyway spend wisely a tax deduction reduces taxable income true gives you a summary of what.

We were looking at based on this particular student submit counseling so weve actually successfully submitted the loan counseling for. The student loan so thats the stafford loan parents when you do your loan process youre going to have the. Same thing happened youre going to go through the loan entrance counseling process and you want to make sure that. Youre signing in with your fsa id so just be be sure to make that distinction when youre signing up. For those loans again when you come here gives you a summary and then you can go back to the.

Home page which is here so if i go here my account my documents remember we talked about this so. I can go to loan counseling and so now it shows the most recent loan counseling that madison completed the. Next step that everybody is going to take after this is the master promissory note so if i go back. To the home page my home page what youre going to do next is complete a loan agreement master promissory. Note im not going to do that on this webinar just because its pretty straightforward all youre doing is inputting.

Your familys information and then youre doing the two references that i mentioned so again ill just go over that. Youre going to need to have two references when you sign up for this loan the these indiv.

Conclusion – How To Accept Student Loans

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