 TITLE: Qualifying for Student Loans: What You Need to Know CONTENT: Taking Out a Federal Student Loan\n---------------------------------\nTo apply for any aid, you have to fill out the Free Application for Federal Student Aid, also known as the FAFSA. By filling it out, you can also potentially qualify for other forms of federal, state and school financial aid. When you fill it out, you'll list the schools you're planning on applying to (or attending), and you must give information about your family's taxes and financial situation.\nOnce your FAFSA is processed, if you've been accepted to any of the schools you listed, those schools will then calculate your financial aid options. They'll send you an aid offer, sometimes referred to as an award letter, which will explain how much and what types of aid you're eligible for. In addition to federal loan options, you might also be offered other forms of aid, such as a work-study program or grants.\nThe timing is up to the school; some send out these letters as soon as the winter the year before you start school, while others don't notify until right before the school year begins.\nIf you receive an aid offer including a federal student loan and you want to accept it, you'll just follow the instructions in the letter. It might require filling out an online form, or you might have to mail it back. Then, to officially accept the loan, you'll have to sign a promissory note agreeing to your loan's terms and conditions. Some types of loans also require you to take entrance counseling.\nThe timing of when your loan is disbursed is up to your school, so contact your school's financial aid office for specifics, but there are some basic timing rules that can give you a sense of what to expect. END