Alabama - Apply for Private Student Loans

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Procedure

Apply Online

1. To Apply for Private Student Loans in Alabama, the applicant has to make the application through online by completing the FAFSA form by login to link
2. The applicant has to click “Start here” menu, and select either he/she is a student, parent or a preparer
3. After selecting, the applicant has to login in with their FSA id and password if the applicant doesn’t have an account, he/she can create a new FSA id by clicking on Create FSA id.
4. Fill out student’s personal information such as Name, Date of Birth, etc.
5. Add list of schools the applicant considering. Applicant can add 10 schools at a time.
6. Make sure the applicant has attached all the required documents that are mentioned in the “Required Documents” section of this page.
7. Next section is regarding the dependency status. If the applicant is an independent student, they can skip the parent’s information in the section. If the applicant is a dependent student fill out parent information in the section, then provide financial information.
8. After that sign & submit FAFSA form. For this on the sign and submit page select “other options to sign and submit”. and select “Print a signature page” and print the application form for your reference.
9. There is no service Fee for applying private student loan.
10. The authority will review the application and contact the applicant within 7-10 days
11. If the application is processed, applicant will receive a copy of Student Aid report (SAR) and SAR is also sent to the colleges that are listed in FAFSA.
12. Applicant should contact the financial aid office at the college to find out anything us needed additionally.
13. If the loan has been accepted at a college or career school that the applicant listed on his/her FAFSA form, the school will calculate their aid and send an electronic or paper aid offer, sometimes called an award letter, telling the applicant how much aid they are eligible for at the school.

Note:

• The timing of the aid offer varies from school to school and could be as early as winter (awarding for the fall) or as late as immediately before the applicant start school. It depends on when the applicant is applied and how the school prefers to schedule awarding of aid.
• The applicant has to submit the copy of application form to the financial aid office at the school you are planning to attend the course either directly or by mail.
• Before receive the loan fund the applicant has to complete the entrance counselling, for ensure the applicant understand the terms and conditions of the loan and right and responsibilities.

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Required Documents

• Loan agreement/Master promissory note (MPN)
• Application form
• Applicant’s social security number
• If the applicant is a dependant student parents social security number is required
• If applicant have driver’s license, number is required
• If the applicant is not a U.S citizen alien registration number is needed
• Federal tax information or tax returns including W-2 information, for the applicant (and spouse if married) and if the applicant is dependent student details of parents.
• Records of untaxed income of the applicant like child support received, non-educational benefits
• Information regarding cash, savings account, investments.

Office Locations & Contacts

FEDERAL STUDENT AID DEPARTMENT
Federal Student Aid Information Centre (FSAIC)
Tel: 1-800-433-3243
Contact details link
Support centre link
Federal student aid regional offices link
Loan service centres link

Note: Each and every school and universities has federal student aid the applicant can approach there to get more information.

Eligibility

• Applicant should have financial need.
• Applicant should be a US citizen or non-citizen enrolled in an eligible degree or certificate programme at college or career school.
• Applicant have a valid social security number.
• Applicant Should maintain satisfactory academic performance.

Fees

• There is no service fee for applying Private student loan

Validity

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever

Documents to Use

• Application form Link
• Master promissory note Link

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• The processing to apply for private student loan takes up to 7 to 10 days.

Related Videos

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&> from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• Borrow only what you need for school related expense.
• Applicant should understand the terms of loan and keep copies of loan documents.
• Make repayment without delay.
• Maintain a relation with loan service.

Required Information

• Student’s information
  • Name & address
  • E-mail address
  • Date of birth
  • Place of birth
  • Citizenship
  • Visa type
  • Expected starting date of study
  • List of colleges & Universities
  • Marital status
• Parents information
  • Current marital status
  • Name & Address
  • Age
  • Occupation
  • List of family members & Education information
• Financial information (Income from all sources)
• Asset information (Money value of assets)
• Expenses
• Expected support for educational expenses
• Student’s signature
• Parents signature

Need for the Document

• Private student loans, like federal student loans, can be used to pay for college costs, but they originate with a bank, credit union or online lender rather than the federal government.

Information which might help

Guidelines link
How the student aid works link

Other uses of the Document/Certificate

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.

External Links

link
link

Others

More information which might help people.