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Before you apply for a financial aid package or a scholarship, there are several things that you need to be aware of. Whether you are a few years off from college or it is right around the corner, it is never too late to educate yourself on your options. If you aren’t sure which ones are right for you, you can go to your guidance counselor for more information. Before you apply for a traditional student loan, it is a good idea to make sure that you do not qualify for any free aid or scholarships.
 
First, you will need to see how money your parents have put aside for your education. The larger the amount is, the harder it may be to qualify for a loan or extra aid. This is not to say that parents should not put money aside for their children’s future, but it will be accounted for during the application process. If they make a large amount of money, it may be next to impossible for you to get financial aid.
 
Before you approach a lender, it is a good idea to visit your school to get a list of lenders that they already work with. This lessens your chance of getting stuck with a scam artist and you’ll have the added benefit of knowing that other students are using these same companies. Each college should have this list prepared, and you can usually get it from the admissions office. If you are unsure about an institution and they are not on the list of preferred lenders, it is probably best to steer clear of them.
 
Now that you have your list, you can begin applying for financial aid. You will be asked to complete an application and you will to supply some extra paperwork with it. For example, you will need to have a copy of your parent’s tax return, your own tax return as well as any employment history you may have. A recommendation letter is always nice to include and can increase your chances of approval.
 
Be completely honest on your application. If you are approved, you will be required to sign a promissory note. This is basically an agreement that holds you liable for repayment of the loan. Failure to do so can result in wage garnishment, or you can even be sued.