Student loans

College bound? What you need to know.

Studies show that college graduates earn higher incomes over the course of their life. If you've got the commitment to attend college, your school can help you determine the best educational loan program for you.

With a student loan, you can:

Four steps for federal financial aid

  1. Fill out a Free Application for Federal Student Aid (FAFSA). For fastest results, try FAFSA on the Web.
  2. Designate the schools of your choice to receive your FAFSA. Remember, you must apply for admittance to the schools before they will send you a financial aid award letter.
  3. After you submit your FAFSA form, the schools will contact you with your loan eligibility and amount of money that you are entitled to receive.
  4. Respond back to the school, letting them know that you will be accepting or declining their financial aid award.

Loans such as a Stafford Loan , Parent Plus Loan, or Graduate Plus Loan are guaranteed by the Dept of Education; and offer the best rates and repayment options. For questions about filing deadlines, contact your college or university.

Need additional funding?

For undergraduate and graduate students whose needs are not met by federal financial aid programs, a private loan may be the best option.
Your options for private lending are varied. Take the time to do your research so you understand your obligations. Two good starting points are: Sallie Mae or Student Loan Network . Both offer various loans depending on your needs that include the following:

Online Resources

  1. Scholarship Search: Go to http://www.fastweb.com/ to search more than 180,000 private scholarships and loans from 3,000 sources.
  2. Entrance and Exit Counseling: The Department of Education requires all students to complete the entrance counseling interview before funds are disbursed, and the exit counseling interview upon completion or withdrawal from school. Go to http://www.edfund.com/ or http://www.nela.com/ to complete these interviews.
  3. Colleges and Universities: There are thousands of great schools nationwide. Compare your options online or visit their campus.
  4. Savings Accounts: Parents with small children can learn more about savings account programs by visiting http://www.get.wa.gov/.
STCU