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Welcome to Knowledge for College brought to you by Chase, and thanks for joining us. This series of videos provides valuable information on the many important steps of going to college and financing an education.

Hi, I’m Chelsea Richardson.

Let’s talk about the Dos and Don’ts of applying for a student loan.  Ken Butler has tips to make the process easier.

Applying to college is stressful enough – without worrying about how you’re going to pay for your education.

There’s so much information about how and when to apply for student loans. I’m going to highlight a few dos and don’ts to make applying for student loans a little easier.

Let's start with the Dos:

Do apply for federal financial aid first – even if you think you might not qualify.
Federal financial aid includes grants and loans. And, it’s not all based on how much you make. Federal loans through the Federal Family Education Loan Program often have lower interest rates than private loans and they're available for undergraduate students, graduate students and even parents of undergraduate students.

Do fill out the FAFSA – the Free Application for Federal Student Aid.
It’s required to find out if you’re eligible for federal student loans and grants. This form may be mailed or completed online at fafsa.ed.gov . You can submit your FAFSA anytime after January 1 of your senior year of high school, and remember the earlier the better.

Do submit taxes early.
The FAFSA requires your parents’ current income information and other details from tax returns, so you and your parents will need to submit your taxes early. Or, you can submit the FAFSA with estimates, but then you’ll need to update your application with the final figures.

Do explore scholarships and other aid.
Even if you’re not a straight-A student, you may qualify for scholarships, grants or other aid. Scholarships are offered by private organizations, the government and colleges.  They could be for academic achievement; artistic ability, musical or athletic talent; community service and more.

Do consider private student loans.
If federal student loans and other aid aren’t enough to cover all the costs of college a private student loan could help. Private student loans may offer a better interest rate than using credit cards to pay for education-related expenses and they can be an alternative to leveraging home equity, savings or investments.

Do consider a cosigner – even if you have good credit.
Applying for a private student loan with a cosigner may mean a lower interest rate. Just make sure that you and your cosigner understand your responsibilities to the lender – and to each other.

Now the Don'ts:

Don’t miss deadlines!
Keep a calendar of important dates you don’t want to miss. You don’t want to miss out on scholarships or loans because you forgot an application deadline. The government, individual schools and private organizations all have different application deadlines. Remember, the earlier you apply, the better your chances are to receive scholarships, grants and loans from limited resources.

Don’t submit incomplete or inaccurate information.
It’s pretty straight-forward, but double check your work and make sure you haven’t forgotten to include information. If you do, your application may be delayed or denied.

Don’t borrow more than you need.
Borrow what you can reasonably expect to pay back based on the average starting salary in your chosen field and no more. You don’t want to start your career burdened by debt.

Most importantly, don’t let the student loan process intimidate you.
Talk with your financial aid officer or your guidance counselor if you need help. They can answer questions you may have about grants, scholarships or loans. Knowledge for College is brought to you by Chase to help you better understand college financing.  If you have any questions on your specific situation, consult your own financial advisor or the financial aid office of your school.

The Knowledge for College informational video series is brought to you by Chase to help you better understand college financing and other important topics regarding higher education. If you have any questions about your specific situation, you should consult your own financial advisor or the financial aid office of your school.

Important Information: As students determine the best way to finance their education, they should consider the full range of student financial aid options available. Private loans, like the Chase Private Student Loan, can be used when federal loans, grants and other forms of financial aid are not sufficient to cover the full cost of education.

This information was current as of 09/01/2008.

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