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 Baker's
Federal Credit Union
Federal Aid . . . |
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| Apply
for Federal Student Aid in Just Five Steps |
Applying
for student aid and loans can seem like an overwhelming task.
Especially when you are just beginning to research all the options.
Here’s a step-by-step process that should clarify and simply things
for you.
- Fill out the FAFSA and submit it
early.
The first step in the process is to fill out the Free Application
for Federal Student Aid (FAFSA). It is available from your high
school guidance counselor, local library, or you may request one
from the school to which you are applying. You can print out a
FAFSA or submit it electronically through the Department of
Education’s Web site at: www.fafsa.ed.gov.
Fill the FAFSA out completely since an incomplete application may
be returned creating an unnecessary delay for your application.
Make sure to answer “yes” to the item on the FAFSA about your
interest in a student loan, so your eligibility for one will be
determined.
You stand a better chance of getting the best aid package possible
for your situation if the application process is completed early.
We recommend submitting your application as soon as you read this
information. You should also check the school you want to attend
as they often set their own application deadlines.
- The federal government determines
your eligibility.
The information you supply on the FAFSA allows the federal
government to determine your eligibility for various financial aid
programs including:
- Federal grants which do not need
to be repaid.
- Federal work-study, which allows a
student to work part-time on campus.
- Federal loan program, which may be
low-interest and interest deferred (these are offered through
the credit union).
- Receive your SAR report.
Within four to six weeks a Student Aid Report (SAR) summarizing
the financial aid programs for which you qualify will be sent to
you and the school(s) to which you applied.
If you applied via the Web, you will receive your SAR report by
mail about one to two weeks after a complete application is
received. Based on the SAR, your school will determine the maximum
amount of aid for which you qualify under each program and send
you an “award” letter.
- Receive your award letter.
The award letter breaks down the total amount of federal aid for
which you are eligible in an academic year into specific types of
aid. Each type of aid is then broken down further by the amount
per semester. If your award letter shows you are eligible for a
student loan, you can fill out an application to get your loan
anytime after receiving the letter. Applications are available at
the credit union.
- See your credit union if you are
eligible for a student loan.
If the award letter shows you are eligible for a student loan or
your parents would like to take out a PLUS loan for you, please
contact Baker’s Federal Credit Union. We make applying for your
loan simple and easy as possible. Be sure to use our lender code
828684 anywhere it is requested. This will indicate that we are
the lender for your loan.
If you need more information on the financial aid application
process, contact your high school guidance counselor or the
financial aid office at the school you will be attending. The
Department of Education Web site is another source offering a
wealth of information at www.ed.gov,
as is Great Lake Higher Education at www.glhec.org.
For additional student loan questions,
please contact Jane Kerrigan at 339-6755. |
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